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Cavalier CFO resigns immediately

NZ Newswire logoNZ Newswire 2/04/2017 Rebecca Howard

Carpet maker Cavalier Corp says Sarah Hipkiss has resigned from her position as chief financial officer, effective immediately.

The Auckland-based company didn't provide a reason for the resignation in its statement but said a process for the recruitment of a replacement will get under way shortly.

In February, Cavalier posted a sharply lower first-half profit and continues to forecast no earnings growth for the full year as the cost of work to reduce debt, rationalise inventory and restructure was having an impact, and a stronger US dollar.

Normalised earnings in the year ending June 30 are expected to be "close to breakeven," it reiterated at the time.

However, while it said the short-term costs of its reinvestment activities are impacting the company "they will progressively and significantly benefit the company going forward".

The stock last traded at 62 cents, having gained nearly 9 per cent over the past year.

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