(Alliance News) - Zenova Group PLC on Wednesday said Non-Executive Chair Don Nicolson will become executive chair, as it forecast revenue in financial 2022 be lower than previously anticipated.

The Essex-based fire safety and thermal insulation products provider said it expects its revenue for the financial year that ended November 30 to be lower than it previously anticipated. In April, it reported no revenue for financial 2021 and did not give a figure for anticipated revenue in financial 2022. Its pretax loss widened to GBP1.1 million from GBP77,000 a year prior.

Nicolson became executive chair with immediate effect on Wednesday, having chaired the board in a non-executive capacity since the company's AIM float in July of last year.

"Following Don's appointment, the near-term focus of the chief executive officer [Tony Crawley] will be the closing of the existing sales pipeline and delivery of increased sales in the forthcoming 12 months combined with rigorous cost management and improved brand recognition," the firm explained.

Meanwhile, the company launched its FX500 extinguisher, which it supplies to the military of Ukraine.

Zenova shares were flat at 13.20 pence each on Friday afternoon in London.

By Tom Budszus; tombudszus@alliancenews.com

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