Les Thomas joined Marley Plumbing Drainage (MPD) as Finance Director in December 2008 to undertake a long-term interim assignment, his arrival coinciding with the commencement of a major group reorganisation programme for its UK businesses and the UK building products market collapsing as the financial crisis hit the houslng and construction sectors.
It soon became apparent that the 2009 budget that had just been signed off by Åliaxis SA (the Belgian parent) was inappropriate. His task within his first month with the Company was to recompute a revised Budget within a very short timescale whilst coping with the year end audit for 2008.
Thereafter, Les has guided the business through a number of one-off exercises and sizeable projects whilst maintaining the confidence of the local management team and the Group Controllers in Belgium. The key exercises that were successfully completed (over and above the normal reporting routines) during this time have been:
- An additional Group internal audit announced with no notice period.
- The identification, negotiation and implementation of overhead cost savings of 15% within an agreed timescale; with monthly monitoring of progress against Plan.
- An on-going exercise to reduce working capital a 44% reduction (£6.2 million) was achieved across a twelve-month timescale.
- Preparation for the implementation of the first phase of a new Microsoft Dynamics ERP system that was successfully launched in January 2010.
- The Introduction of a Group Treasury I netting off’ system.
- An exercise to recruit and Integrate two new’ Financial Controllers as part of the plan to move towards a centralised shared Finance service for Åliaxis UK based in Lenham.
- The preparation of the 2010 Budget in a completely new format in line with the new group model which incorporated the impact of the migration of services between reporting entities and the creation or new reporting entities.
- This included breaking down of Balance Sheets and the re-allocation of assets and liabilities across the Group and the negotiation of credit facilities for the new entities.
- Two year end audits that were completed within Group timescales and without the need for any adjustments.
Les has performed his role to a very high and professional standard despite the numerous changes and difficulties thrown at him by both the market and moving group requirements; the group changes making it apparent early on that there was unlikely to be a permanent role for him. In my experience Les is quick to understand the financial impact of changes and able to adapt quickly to new challenges.
Kevin Lawson Managing Director, Aliaxis UK
