Former Dundee University finance chief Robert Kennedy is to take charge of the purse strings at Fife medical imaging firm Optos following the surprise departure of chief financial officer Louisa Burdett.
The Dunfermline-based optical scanning company yesterday announced the former Financial Times executive would step down after just over 12 months in post with Mr Kennedy, who has sat on the board of the group since 2011, taking over on an interim basis.
The news came as Optos used a third-quarter statement to reveal continued growth in the installation rate of its emerging Daytona device during the three months to the end of June.
A total of 323 units were installed in the period, up from 267 in the second quarter and 133 in the early part of the year. The firm says it could sell more than 450 during the last three months of the year, bringing its upper estimate for total installations to approaching 1,200 in the year.
Markets were cheered by the encouraging statement, which follows a difficult spring.
Optos previously warned it would miss its own targets following a “soft” first half, but yesterday stressed it would meet market revenue expectations with the “traditionally strong” fourth-quarter still ahead.
Chief executive Roy Davis said “significant” growth in the firm’s customer base was continuing.
“We continue to see significant growth in new customers, which has translated into a 16% increase in our installed base,” he said. “Customer feedback is positive and our order book continues to grow.
“With our traditionally strongest quarter ahead of us and good progress with Daytona installations, we remain on track to deliver against the market’s revenue expectations for the full year.”
The firm’s share-price had suffered in recent months, falling from 206p in March after disappointing second-quarter and interim results.
But stock in Optos opened up by more than 24% on the previous close yesterday, before closing up 27.25p, or 22.7%, at 147.25p.
Quarterly revenues fell marginally, to $40.1 million from $40.9m this time last year.
Finance income fell, but outright sales increased by more than 50% as the firm continued its transition away from its previous rental and licensing business model.
Savings are also beginning to filter through from a $4m restructuring programme, which will see the group shed up to 50 jobs. Only a handful of workers in Fife are expected to be affected.
Ms Burdett joined AIM-listed Optos last summer in a move which marked something of a change in direction for the biochemist and accountant.
It is understood that the London-based executive, who has also held senior positions with pharmaceutical giants GE Healthcare and GSK, chose to step aside after deciding the role wasn’t for her.
Optos chairman Peter Fellner thanked Ms Burdett, who will remain in post until September to ensure an orderly transition, for her contribution.
“We are pleased that we have in Robert Kennedy an experienced finance director to act as interim CFO who knows Optos extremely well,” he added.
Mr Kennedy joined Optos in 2011 after four years at Dundee University. He has previous corporate finance experience with Dutch firm Gamma Holding NV and Balfour Beatty, and also spent three years working at PwC as a management consultant.