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Diploma poaches ex-Compass finance boss as new chief executive

Johnny Thomson joins a company in rude health, with Diploma reporting a 9% rise in first-quarter revenues

johnny thomson
Thompson left Compass at the end of December

Diploma PLC (LON:DPLM) has poached the ex-finance director of FTSE 100 food giant Compass Group PLC (LON:CPG) as its new chief executive.

Johnny Thomson will start his new job on 25 February, and he will be hoping to enjoy a longer stint in charge than his predecessor Richard Ingram, who stepped down in August after only four months.

READ: Diploma posts rise in annual profits

The 46-year-old left Compass, the world’s biggest catering company, at the end of December amid reports he was unhappy after missing out on the job of chief executive.

“I am delighted to welcome Johnny Thomson to Diploma,” said chairman John Nicholas.

“Johnny has extensive experience of working in a decentralised business with a core focus on service and distribution and a proven record of supplementing organic growth with bolt on acquisitions.”

Revenues rise in Q1

Thomson joins a company in rude health, with Diploma confirming in a separate update that it made “a strong start” to its financial year in the first quarter.

The FTSE 250 group, which supplies various specialised technical products and services such as seals and gaskets used in heavy mobile machinery, saw revenue increase 9% in the three months ended 31 December.

Diploma’s Controls division, which supplies some of the components used in racing cars, was the standout performer, with sales 24%, reflecting the contribution from two recent acquisitions – FS Cables and Gremtek.

Diploma shares dropped 0.7% to 1,260p on Wednesday morning.

Quick facts: Diploma PLC

Price: 1830 GBX

LSE:DPLM
Market: LSE
Market Cap: £2.07 billion
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