GSH changes at the top

24 March 2011

GSH has adjusted its management team and structure to better suit its change to a private company.

John Davy, Group Managing Director has taken direct responsibility for the UK and Ireland business and, Ian Davidson, Chief Financial Officer has taken the role of Chairman of the Group with immediate effect. Paul Cottam, previously Managing Director, has left the business.
John Davy comments: "These changes are not a reflection of any difficulties within the business as GSH Group remains financially strong and secure. On the contrary, despite the continuing downturn in the global economy, we are in good shape having added over £20m to our order book in the past 12 months. Our last year results saw an increase in turnover of 4.6 percent with an operating profit of £6.9m. All operating divisions of GSH made a positive contribution to profit, and we expect the business to perform at least at the same level this year. We have a strong balance sheet and a substantial amount of cash available for future expansion. We have also continued to expand with new offices opening in Switzerland, Germany and Philadelphia."
GSH Group PLC, announced its intention in 2009 to de-list from AIM and change its legal status from a public quoted company. Davy continued: "However the style of leadership and the structure required to run a public company are highly different to that of a private company and it is important that we get both right. During our time as a PLC and the period surrounding the de-list we struggled briefly to stay true to our culture and although we were able to maintain our strong operational standards we did not maximise our potential. This new structure is designed to address this. Without the shackles that are part of being a plc, GSH is now able to make a return to the solid foundations of the Group which lie in diligence, loyalty and integrity. We believe that by having a more hands on approach we will be able to better service the needs of our customers as we work together to meet the challenges ahead. Quite simply GSH is back on track, doing what it does best."
John Davy has been with the Group for over 18 years, having started as an engineer and been involved in all aspects of the business. During this time he has built strong relationships with the Group’s client base. Ian Davidson has been with the Group for 18 months and his role of Chairman will focus on governance and shareholder reporting, making it a natural fit with his role as CFO.
Davy concluded, "Our aim is to continue to focus on the traditional M&E business but also grow the energy management and advisory side of our business to around 50 per cent of turnover by 2012. With an increasing number of companies focusing on CSR, CRC, the increase in energy prices and restriction on supply, there are many opportunities for a business that can help reduce levels of consumption and the associated costs. It is an exciting time for GSH".