Horizon Energy names John Anderson as acting CFO after departure of Todd Campbell

Tuesday 25th March 2014

Horizon Energy, 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.

BusinessDesk.co.nz

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