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Problems at Connaught continue as chief executive and FD depart

Connaught’s chief executive Mark Tincknell is to depart immediately after suffering ill health, while finance director Stephen Hill, is to leave at the end of October.

In a stock exchange update today, Connaught chairman Sir Roy Gardner confirmed the departure of Mr Tincknell and Mr Hill.

Despite the problems with contracts in the firm’s social housing division, announced last month, it stressed that its outlook was positive, with a bid pipeline topping £5.3bn.

The statement also confirmed that £450m of new work has been won year to date, taking the order book value to £2.6bn.

This is a fall from the £2.9bn previously announced with its results, the reduction being caused by a more prudent view being taken by the board in light of the recent contract delays.

Commenting on the future outlook for the business, Sir Roy said: “The outlook for Connaught remains positive. The cost reduction programme will realise significant savings whilst providing a solid platform from which we can achieve further growth.”

“Our order book is strong and our newly formed big ticket sales team will ensure we capitalise upon a record pipeline of enquiries.