Troubled Thorntons set to name new chief executive

Thorntons boss Mike Davies is heading for the door, but a successor is lined up and is likely to be announced shortly.

Chairman John von Spreckelsen says talks with the new man — or woman — are well progressed.

Acting chief executive Mark Robson will return to his old role as finance director of the chocolate maker.

Davies's replacement will arrive at a business facing some difficulties. It issued a profit warning in May and has seen its share price lose a third in the last six months.

Higher raw material costs mean margins are being squeezed.

Today it unveiled sales for the year to June of £214 million, the same as the previous 12 months.

Profit slipped 2.4% to £6.1 million. The stock tumbled 5p to 80p as the City chewed over the figures.

Thorntons's 600 stores saw a 3.6% slip in revenues.

The company cut its net debt to £26 million during the year and maintained its total dividend at 6.05p.