Novacyt taps James McCarthy as new CFO

The AIM-traded firm said both appointments were with immediate effect.

It said McCarthy would become a board director, subject to shareholder approval at the annual general meeting, while Dyer would remain a board director until McCarthy was elected to the board.

McCarthy had held a number of senior positions in major listed and private equity-backed businesses, the board noted.

Most recently he was CFO of Flint Group - a $2.5bn revenue, private equity-backed business with 7,900 staff and 180 sites across 40 countries.

Previously, he was CFO of Brambles’s EMEA CHEP business, before being promoted to president of CHEP's European team.

Brambles is an Australia-based, ASX listed company with a market capitalisation of AUD 16bn (£9.09bn).

McCarthy trained as an accountant with Dairygold, receiving his ACCA qualification in 1988, before going on to work for a range of businesses including Unilever and ICI.

“On behalf of the board, I am pleased to welcome James to the role of CFO,” said chief executive officer Graham Mullis.

“He joins Novacyt having held senior finance positions at a number of large blue-chip manufacturing organisations.

“His considerable financial, commercial and board experience will be invaluable as Novacyt embarks on its next stage of growth.”

Mullis also said Dyer had played a “key role” in “transforming” Novacyt into a leading diagnostics developer and manufacturer.

“His new, important role reflects the company's growth strategy, which includes selective potential mergers and acquisitions to supplement organic growth initiatives.”

At 1036 GMT, shares in Novacyt wre up 1.83% at 867.55p.