Chairman of Leadbitter parent resigns

Leadbitter has moved to reassure the market of its profitability following the announcement that the chairman of its Dutch parent company has resigned following 'disappointing results'.

Guus Hoefsloot, chairman of Heijmans' executive board, fell on his sword after it emerged that group profits would be around £40m, while its property development division in the Netherlands is expected to fall up to 25% on last year.

But Leadbitter chief executive Bob Rendell distanced himself from the trouble overseas.

He said: "I was extremely disappointed to learn that Guus Hoefsloot has resigned but remain confident that the Heijmans Group as a whole, which has a projected profit after tax in 2008 of €50 million, is robust and diverse enough to positively overcome its current situation.

"The Leadbitter Group, including Denne Construction, has enjoyed a further period of continued growth over the past 12 months, with turnover increasing to £263 million and a strong pre-tax profit margin of £9.2 million (for the financial year to 31st December 2007)," he added.