Kiotech International, the supplier of natural, high performance feed additives, has redefined roles and responsibilities at board level.
Richard Edwards, who has been chief executive since November 2006, becomes executive vice-chairman and will be responsible for implementing the company’s acquisition strategy. He will also retain responsibility for Aquatice to ensure continuity of its commercial development.
David Bullen, currently chief operating officer, will become chief executive, responsible for executive management of the Kiotech International Group.
Commenting on the changes, Kiotech International chairman Richard Rose said. “Following the success of the Optivite acquisition we now consider it appropriate to speed up our acquisition process under Richard Edwards’s guidance.
“Richard will therefore become executive vice-chairman while David Bullen, will assume the chief executive role as he has played a key role in managing the successful integration of Optivite and has a clear understanding of the combined business.”
Kiotech International recently announced significantly increased sales, profit and earnings per share in its preliminary results for the year ended 31 December 2010.
Sales nearly doubled to £21.565m (2009 £10.955m) boosted by a maiden full year contribution from Optivite.
Total underlying profit before tax and exceptional items more than doubled to £1.877m (2009: £0.764m) and underlying earnings per share increased% to 7.27 pence per share (2009: 4.60 pence per share) and diluted underlying earnings per share rose 59% to 7.20 pence per share (2009: 4.53 pence per share).