Interserve PLC (LON:IRV) saw its shares rally this morning after it named Mark Whiteling as its chief financial officer, days after the support services and construction company cut its full-year revenue and earnings expectations.
In a statement, Interserve said Whiteling was previously deputy and interim chief executive and chief financial officer at Premier Farnell PLC prior to its take-over by Avnet, and has been finance director of Communisis PLC and group finance director of Tibbett and Britten.
READ: Interserve shares almost halve after it warns full-year outturn will be "significantly below previous expectations”
The small cap firm saw its shares nearly halve in value last Thursday after it lowered full-year guidance on due to "disappointing" trading in its domestic market in July and August.
In late afternoon trading today, Interserve shares were up over 23%, or 19.0p at 100.5p, helped as well by an upgrade in rating from broker Peel Hunt to ‘hold’ from ‘reduce’.
The company revealed in June that Tim Haywood had stepped down as its finance head.
The appointment is the latest by Interserve new chief executive Debbie White, who only took over as Interserve’s boss on September 1.
White commented: “As we develop and execute the Group's strategy Mark's impressive wealth of leadership, financial and investor relations experience will be crucial in supporting the growth of our business and delivering value to our shareholders."
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