RM2 Appoints Brambles Veteran Jasper Judd as CEO and Director, Announces 2016 Results

RM2 (LSE-AIM: RM2), the sustainable composite pallet innovator, has appointed Jasper Judd as Group Chief Executive Officer and a member of the board effective immediately.

Following the ongoing acceleration of pallet manufacturing and the smart pallet collaboration with AT&T, Jasper’s proposed appointment reflects the Company’s renewed focus on its rollout.

Jasper worked for ten years at Brambles Limited, the Australian-listed multinational, whose biggest business, CHEP, is the world’s leading pallet pooler. At Brambles, Jasper held a number of senior executive roles including five years as a member of the Group Executive Committee in the roles of global head of strategy, Head of Innovation and Acting Group Financial Officer.  Prior to Brambles, roles included Group Financial Controller and Chief Financial Officer of CHEP Europe.

Most recently, Jasper has been a Non-Executive Director and Audit Committee Chairman at JP Morgan Indian Investment Trust PLC and Dunedin Income Growth Investment Trust PLC. Jasper is a Chartered Accountant and a graduate of the University of Cambridge.

Ian Molson, RM2’s Chairman, commented: “Jasper Judd is an industry heavyweight who has the experience, leadership credentials, and deep sector knowledge to take RM2 forward.  He is highly respected in the industry and I am delighted that we have been able to attract someone of his caliber to take over as CEO as we prepare for the renewed commercial rollout of our disruptive platform. Jasper’s deep industry experience will be invaluable in helping the Company meet its potential.

“The board would like to thank John Walsh and we are pleased that he will remain with RM2 as a member of the board of directors.  John leaves the CEO role with the Company having a scalable and cost-effective outsourced manufacturing base, a talented senior team and a clear strategy.  This is a sound base on which to build.”

Jasper Judd, RM2’s incoming CEO said: “I am delighted to be joining RM2.  Now that the Company has overcome significant manufacturing issues, it can focus on fulfilling the potential of its unique pallet.  The combination of an innovative, sustainable, safe and durable pallet with state-of-the-art tracking technology presents a revolutionary opportunity and I am confident that we can make good progress in a market that is ready for significant technological-led improvement.”

Annual Financial Results Announced

RM2 also announced its financial results for the year ended 31 December 2016: 

Key Financial and Operating Figures:

  • Revenues of US$8.9 million (2015: US$8 million; 2014: US$2 million)
  • Operating loss after tax of US$52.1 million (2015: $57.2 million; 2014: US$57.2 million)
  • Rental activity more than doubled to US$5.7 million (2015: $2.7 million)
  • Step change in manufacturing operations with outsourced production arrangements with Zhenshi in China and Jabil in Mexico

John Walsh, the outgoing RM2 CEO, commented: “Outsourcing our manufacturing operations to hugely experienced partners at Jabil and Zhenshi has given us significant cost benefits, greater flexibility, and production volumes and I am pleased with progress at both these facilities.  Interest in our BLOCKPal pallets has been strong and I’m confident we now have the right partners and tools to turn that interest into significant deployment.” The company has put considerable emphasis behind its ELIoT IoT solution.

Amaury de Seze informed the Board that he would not be standing for re-election to the Board of Directors of RM2 at the next AGM, to be held on 28 July 2017.