Appointment of new CFO and new Head of Product Development
Range International Limited, the manufacturer of Re>Pal™ recycled plastic pallets, has made two new executive appointments. Evasio Barbero has assumed the role of Chief Financial Officer effective 6 November 2017, with Geoff Walker to remain available to the business to facilitate a smooth transition.
Mark DanielEvasio joins Range with extensive strategic and operational financial leadership experience, including over twenty (20) years in Asia Pacific, and a track record of success in driving results through performance optimisation. Most recently, he was Group CFO for Dusit Group, a listed company in Thailand, in the hospitality sector. Prior to that, Evasio held senior financial roles in Ceva Logistics, DKSH and TNT. Evasio is a Certified Practicing Accountant (CPA) in Australia.
Range is also pleased to announce that Mat Allard has been appointed to the role of Head of Product Development to drive both innovative product design and develop robust plans for new product introductions (NPI).
Mat is a design engineering and manufacturing professional, with fifteen (15) years of experience in Asia Pacific. Most recently, he was Regional Supply Director at SMART, a producer of hi-tech graphics products. Mat also has seven (7) years of experience in design engineering at Dyson, the producer of quality consumer electrical products.
“On behalf of the board and management team, I welcome Evasio and Mat to Range,” said Mark Daniel, Chairman of Range International. “Led by newly appointed CEO Jon Guyett, this new executive team has the right skills needed to take the company forward.”
“Bringing on Evasio and Mat, both with great experience in their specific disciplines, and in multiple Asia Pacific markets, establishes the enhanced leadership team the company needs to scale,” stated Jon Guyett, CEO designate. “I look forward to working with the team to drive maximum value for our shareholders.”
On behalf of the Board, Daniel expressed their gratitude to Geoff Walker for his contribution to the Company during the IPO and the establishment of the Pasuruan production facility.
Financial Highlights
Highlights for the quarter ending 30 September were as follows:
• Cash balance at end of quarter of US$9.7M
• Sales revenue of US$471K for the quarter representing a 101% increase on the previous quarter
• Successful capital raising generating net proceeds of US$11.3M, with US$6.9M received within the quarter and the remainder received post quarter-end
• Six production lines commissioned and in operation, with four additional lines to be installed before the end of the year
• Commissioning of pre-processing waste system underway
• Purchase of CNC machines to bring mould development and maintenance in-house
Commissioning of the pre-processing plastic waste system is underway. This new system enables the company to source unprocessed waste plastic which is cheaper and more readily available than processed waste. The system also delivers increased production efficiency and significant environmental benefits.
“Range’s Board and management team are pleased with the significant growth in sales during the quarter, progress at the new production facility and the support received from investors during the company’s capital raising,” wrote Daniel. “The team are looking forward to continuing the sales momentum built during the quarter, continuing to work with our Philippines partners on the development of a pallet for their export needs and the arrival of our new CEO, Jon Guyett.”