Havelock Europa CEO Steps Down Amid Losses

Havelock Europa's Chief Executive Officer, David Ritchie, has resigned from the company after it recorded a £2.4 million operating loss in the first half of this year.

In its results for the half year to 30 June 2017, the fit-out firm revealed its revenue was 9% lower at £23.2m in 2017 (2016: £25.4m) due to a weak opening order book in the public sector.


The company blamed its results on a slow-down in the number of Public Sector opportunities in Scotland as well as delays in the second phase of the ESFA Priority Schools Building Programme in England.

As a result, Mr Ritchie stepped down from his position on 26 September and has been succeeded by Shaun Ormrod.

Ian Godden, Chairman of Havelock Europa, said: "Havelock has experienced a difficult first half, with market uncertainty among both public and private sector clients resulting in reduced or delayed activity.

"I believe, however, that our new leadership team, combined with our developing commercial strategy, will set a strong foundation for the future.''

(LM/MH)