CONCOR LIMITED
Changes to Concor Limited Board
During the past 12 months the Concor Limited Board has overseen the re-
engineering process and refocusing of the Group's activities.
In this period a number of initiatives have been successfully implemented
most notably the sale of under-performing and non-core assets, the closure
of the Property Development Division, the repositioning of the Building
Division, the elimination of non-profitable contracts and exploiting new
opportunities identified by the Group.
Each division has established objectives with respect to new business
development, margins and return on capital employed.
Concor has a very capable staff complement and where necessary appropriate
appointments have been made to strengthen each division.
The Group reported a breakeven result at mid-year, and the Board expects an
improved level of profit should be achieved for the June 2001 year-end, in
contrast to the loss of the previous year as stated in the Interim Report
published on 6th February 2001.
Concor is now well positioned to move forward with confidence and perform to
its potential.
In the light of these events the Concor Limited Board has decided to
restructure itself.With effect 1st July 2001
Mr. F.W. Keller who has served the Group as a Non-Executive Director for the
past five years has accepted the appointment of Acting Non-Executive
Chairman of the Group pending a permanent appointment to this office.
Mr. J.V. Willmott, the Chief Executive Officer, who with his team has made
good progress in returning Concor to profitability will continue in this
capacity.
Mr AJ Bester will continue to act as Group Financial Director.
Mr. M Lommatzsch (a senior executive of Hochtief A.G.) will continue to
serve as a Non-Executive Director.
Mr. G. Hardy, who served as CEO since 1998 and Executive Chairman since
January 2001, has resigned to pursue new opportunities. The Board wishes
Mr. Hardy good fortune in all his future endeavours.
Mr G Mullany, who has successfully completed the task of closing the
Property Development Division, will also pursue new opportunities outside
the Group.
Mr. N. Davies, the Non-Executive Chairman until January 2001 and, as a Non-
Executive Director who assisted with the restructuring of the Board, has
resigned.
Messrs. T. Curtis and P. Ferguson who have served as Non-Executive Directors
for some ten years have tendered their resignations which resignations have
been accepted with regret.
The Board expresses its thanks to all the Directors for their positive
contributions and counsel in restructuring the CONCOR LIMITED Board.
JV WILLMOTT
Chief Executive Officer
on Behalf of the Board
20 JUNE 2001
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