REG - Touchstar PLC - Directorate Change and Strategic Update

TouchstarAnnouncement

18/03/2025 07:00

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RNS Number : 0106B  Touchstar PLC  18 March 2025

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

 

 

Touchstar plc

 

(the "Company", "Touchstar" or the "Group")

 

Directorate Change and Strategic Update

 

The Board announce the first action designed to accelerate the rate of
development of the business

 

Lynden Jones to succeed Mark Hardy as Chief Executive Officer (CEO)

 

Company reaffirms it expects 2025 to be a year of revenue growth and increased
profitability

 

Touchstar plc (AIM: TST), suppliers of mobile data computing solutions and
managed services to a variety of industrial sectors, is pleased to announce
today, following the conclusion of the strategic review, the first stage of
the plan to build beyond the operational and financial performance of the
Group. The objective of the plan is to accelerate to the next stage of
development, increase the underlying value of the business and enhance returns
to shareholders.

 

The four drivers of the plan, further details of which will be incorporated in
the announcement of the financial results for the year ended 31 December 2024
expected in the week commencing 28 April 2025, are to:

 

·      increase the rate of organic growth through further investment in
the fuel delivery business in overseas markets and building on the ability of
the Group's technology platform and solutions to be applied in a wider range
of vertical sectors;

·      change the management team to facilitate the execution of this;

·      increase the Company's marketing and promotional activities; and

·      return the surplus cash to shareholders with the intention of
returning up to £1 million over the next year through either share buybacks
in addition to dividend payments.

 

The initial step in this plan is the appointment of Lynden Jones as a Director
of the Company with immediate effect. Lynden will succeed Mark Hardy as CEO on
1 July 2025. Mark will remain as a director of the Company and his experience
and guidance will be available to the Company for a year. Ian Martin will
remain as Chair and oversee both the transition and be actively involved in
the next stage of growth.

 

Lynden is the managing director of the Company's subsidiary, Touchstar ATC
Limited ("ATC") and under his leadership ATC has been transformed. Revenue has
grown 29% over the last two years, it has gained access to new and exciting
sectors and the financial performance further improved by a move to a SAAS/
recurring revenue driven model.

 

He has been with the Company for over 14 years. His focus is on workforce
management for complex environments such as hospitals, education, food
manufacturing, and high-end retail. Starting in the sales department at
Feedback Data (which was acquired by the Company in 2013), he rose to Managing
Director, and successfully enhanced customer experience and improved
operationally efficiency and profitability.

 

As reported in the trading update on 17 February 2025 we entered 2025, with
optimism of a good year, with the expectation of growth in revenue and
profitability - we remain of that opinion.

 

Touchstar Chairman, Ian Martin, said: "Mark and I have worked hand in hand to
transform this business. On behalf of the Board, the Company, all employees
and myself I would like to thank him for his leadership and the opportunities
that his work has created. Touchstar has an exciting future and I look forward
to working with Mark and Lynden over the coming months as we transition with
confidence and enthusiasm to new leadership."

 

The following information is disclosed pursuant to Schedule Two paragraph (g)
of the AIM Rules for Companies.

 

Lynden Neil Jones, aged 44, is or has been a director or partner of the
following companies during the five years preceding the date of this
announcement:

 

 Current directorships / partnerships  Past directorships / partnerships within the last five years
 Factis Ltd                            None
 Touchstar ATC Limited

 White Top Industries Ltd

 

Lynden Jones holds 32,000 options over ordinary shares in Touchstar plc and
does not hold any other interest in Touchstar plc.

 

There is no further information to be disclosed pursuant to paragraph (g) of
Schedule 2 of the AIM Rules.

 

For further information, please contact:

 

 Touchstar plc                                 www.touchstarplc.com (http://www.touchstarplc.com/)

 Ian Martin                                    0161 874 5050

 Mark Hardy                                    0161 874 5050

 Zeus - Nominated Adviser & Broker             0203 829 5000

 Investment Banking - Mike Coe/Darshan Patel

 

Information on Touchstar plc can be seen at: www.touchstarplc.com
(http://www.touchstarplc.com/)

 

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