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Horizon Energy [NZX: HED], the Bay of Plenty lines company, named John Anderson as acting chief financial officer after announcing the departure of Todd Campbell in mid-April.
Campbell joined Horizon Energy in 2009, from Levin-based lines company Electra. Anderson, former chief financial officer at the Lines Company will act in the role and as company secretary in the interim, Whakatane-based Horizon said today.
The company cut its annual earnings last year after its exposure to the collapse of Mainzeal Property and Construction. Horizon was owed money from Mainzeal sub-contractor Aquaheat, which it acquired in September 2012. Net profit rose 64 percent to $4.19 million for the six months ended Sept. 30.
The shares were unchanged at $3.20, and have declined 4.8 percent over the past 12 months, compared to a rise of 7.6 across the NZX All Share Index. Eastern Bays Energy Trust has a 77 percent stake in the company, according to its half-year results and the tightly held stock has traded six times this year.