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Group Finance Manager

Work Experience

February 2002 to July 2004
Group Finance Manager for QinetiQ Group plc, an £800m turnover commercial spin off of the non-strategic research activities of the Ministry of Defence (“MOD”), formerly part of DERA (the Defence Evaluation Research Agency).
Successfully set up, using Excel, full statutory consolidation system for the first commercial year end as a plc. Met all deadlines. Oversaw the design and printing of the Financial Statements and the Summarised Financial Statements and Annual Review
Drafted operational review, in co-operation with Marketing, following meetings with Divisional MDs.
Managed process, in co-operation with Purchasing, to introduce a Corporate Charge Card, which was successfully introduced in September 2002.
Restated year end figures on a divisional basis to facilitate preparation of a Long Form Report on the results of QinetiQ over a three year period.
Answered due-diligence questions from reporting accountants (PwC) acting on behalf of venture capital investor (The Carlyle Group) during 90day exclusivity period prior to exchange of contracts, including taking responsibility for dealing with all questions on historic and current accounts.
Prepared, to extremely tight timetable, completion accounts (group balance sheet, P&L and cash flow presented to FD on 4th day after source information made available).
Designed and implemented a standard reporting system for joint ventures – a major targeted growth area for QinetiQ as it aims to develop Intellectual Property with commercial partners through JVs.
Became acting assistant Group Treasurer. Identified cost savings in excess of £20k per annum. Set up internal currency hedging system with operating divisions, including some teaching of principles.
Was asked to stay on to see through the 2003 year end process which included 2 full consolidations, one for QinetiQ Group plc and one for the one month's trading of the group under the new parent entity following completion of the partial disposal by the MOD to The Carlyle Group. Oversaw preparation of subsidiary statutory accounts.
Asked again to extend contract to take over financial modeling in a bid (to become preferred bidder) for a significant new long term contract, including preparation of 3 variant bids. Involved in preliminary discussions with bankers over financing.
Prepared working capital projections required to support a buy-back of Preference Share Capital.

March 2000 to October 2001
Group Finance Manager for Rolfe & Nolan Plc, one of the World's leading suppliers of derivatives trading software to the international banking sector.
Completely overhauled the management and statutory reporting systems of the group, using Excel, with Board Reports available on the 10th working day of the month, giving more relevant and more accurate management figures.
Reviewed payroll and HR systems and, after the review, recommended a new system which linked the two areas. Payback period was under a year, and payroll processing time was cut from 5 days per month to under 2.
Co-ordinated a transfer pricing review over the world-wide operations (UK, USA, Germany, Italy, Singapore, Hong Kong and Australia) which led to the setting up of formal transfer pricing procedures.
Headed up a review of the purchasing procedures including supplier comparisons.
Administered the implementation of risk minimisation procedures following a risk review process required for listed companies by the Turnbull committee.
Set up an acquisition screening system.
Prepared a consolidated rolling 4 year plan for the Group required by the banks proposing to finance a new software development project costing up to £12m over 4 years.

The systems put in place were tested by his full time successor who prepared Group management accounts and half year financial statements in his first 3 weeks, requiring minimal assistance.

October 1999 to January 2000

Divisional Management Accountant for BTR Environmental, a £107m turnover division of Invensys Plc, joining shortly after the planned disposal of the division had been announced.
Took over weekly and monthly management and half year statutory reporting with a 1 week handover.
Corrected, after discussion with Invensys, some fundamental errors on the group standard reporting formats.
Finalised statutory accounts, demonstrating that a long standing £1.5m provision was not required – adding that amount to the net asset value of the division being sold.
Automated some standard monthly routines previously done on a spreadsheet by linking to the underlying database, cutting 2 days off the monthly reporting timetable.
Managed the hand over of the role and the transfer from Rickmansworth to Leicester.

May 1999

Special project at VEGA Group Plc, a software company working in the defence and civil aviation markets.
Prepared, from scratch, full Listing Particulars, including preparation of working capital projections 18m forward, to support a Rights Issue to fund an acquisition. (The documents were never issued as bank financing at attractive rates was made available).

CORPORATE CAREER

1979 to 1998

Berisford PLC (now Enodis PLC)

Joined as Divisional Accountant in what was then primarily a commodity trading business. Took a number of roles over the years finishing as Group Chief Accountant. The Group changed significantly over time as it expanded into processing cocoa and sugar, then moved into property. The property market crash in the late 1980's, together with significant losses in a coffee trading JV where Berisford guaranteed the borrowings, led to the Group's 63 banks demanding repayment of £1.3bn of debt. After successfully achieving that, by selling almost all the businesses, the Group began to expand under a new Board. The expansion was into manufacturing, joinery in the UK and commercial kitchen equipment initially in North America but gradually world-wide.
Recovered over £1m of cash in 1998 previously blocked in a West African country for many years and long written off by the group, with procedures in place to make further recoveries subsequently.
Reduced central finance department annual costs by £270k through efficiency savings.
Facilitated speed up of results reporting by migration of Group consolidation to Hyperion, with one database for both management and statutory reporting.
Assisted in raising £40m at a crucial time through the disposal of cocoa processing operations in Amsterdam and Berlin to a US corporation.
Recommended a compromise, acceptable to both sides, which resolved the last remaining issue in the disposal of the Amsterdam commodity trading operations to management, raising over £10m.
Avoided a potential £10m tax liability by the careful management of the run down, and closure, of a Hamburg operation.
Managed the substantial changes required to bring to a common basis the accounting and reporting of the Amsterdam and Berlin cocoa processing companies following the acquisition of the former.
Recommended, and implemented, a method of deferring over £1m per annum of tax payments in Holland.

1978 to 1979

Warner Communications Inc. (now part of AOL Time Warner)

International Audit Manager. All internal audits of the Warner Communications Group (films, records and music publishing) outside of North America were undertaken from London. Most time spent out of the UK in Europe, with a spell in South Africa and Kenya.
Warner recovered over $1m of unpaid royalties following the licensee audit in South Africa and Kenya.

1971 to 1977

Early career spent qualifying with a small, 3 partner, firm of Chartered Accountants in Stockport, before moving to Deloitte in Manchester for 2 years as an Audit Manager.

Education

Stockport School - A Levels in Maths, Economics, Geography
Professional Qualification - Fellow of the Institute of Chartered Accountants in England and Wales

Skills

Group Finance, Corporate Finance, Acquisitions, Disposals, Forecasting/budgeting, Treasury

Languages

English (fluent). Some German and French.

Other

A commercially minded finance professional with extensive experience gained in the central finance department of a UK listed PLC which underwent significant changes during his time there. This business brought UK and international exposure in commodity operations, food processing, manufacturing, acquisitions and disposals and corporate recovery.

His move into Interim Management has been a success with excellent references confirming his ability to master complex roles, quickly and efficiently, and then improve them.

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