DIRECTORS at British Vita, which owns Caligen Foam in Accrington and Rossendale Combining in Rawtenstall, saw their pay packages fall last year, according to the company's recently published annual report.
The decrease was due to a fall in performance bonus payments during the year to December 31 2000 when pre-tax profits at the polymer processing group fell.
In 1999 the directors shared bonuses totalling £621,975 but in 2000 no bonuses were awarded to current directors.
Executive chairman Jim Mercer, 55, received a salary of £260,045. Together with benefits, pension contribution and share option gains his total pay package was £284,027, down from £401,679 in 1999.
Managing director David Campbell, 51, received a basic salary of £185,046 as part of a total package of £198,273, down from £222,552.
Roy Dobson, 53, responsible for industrial operations, received a salary of £145,045 as part of a total package of £155,915, down from £232,007.
Filiep Libeert, 47, responsible for nonwoven operations, received a salary of £207,067 in a total package of £218,055, down from £386,435.
Finance director Calvin O'Connor, 48, received a basic salary of £170,046 as part of a total package of £213,221, down from £264,059. During the year turnover rose from £921.4 million to £943.7 million and pre-tax profits fell from £84.6million to £80.1 million.
In his report to shareholders Mr Mercer said: "There is no doubt the year 2000 was the most difficult our businesses have encountered for some considerable time."
He said substantial raw material price rises in all of the company's divisions was the main reason for reduced profitability.
"The benefits from our margin improvement initiatives, together with any respite from the raw material price pressure, should begin to restore profitability as the year progresses."
During the year the numbers employed by the group in the UK fell from 4,425 in 1999 to 4,135.
The company's annual general meeting will be held at the British Vita Training and Development Centre, Middleton, Manchester on April 18. DIRECTORS at British Vita, which owns Caligen Foam in Accrington and Rossendale Combining in Rawtenstall, saw pay packages fall last year.
The decrease, highlighted in the company's annual report, was due to a fall in performance bonus payments during the year to December 31 2000 when pre-tax profits at the polymer processing group fell.
In 1999, the directors shared bonuses totalling £621,975 but in 2000 no bonuses were awarded to current directors.
Executive chairman Jim Mercer, 55, received a salary of £260,045. Together with benefits, pension contribution and share option gains, his total pay package was £284,027, down from £401,679 in 1999.
Managing director David Campbell, 51, received a basic £185,046 as part of a total package of £198,273, down from £222,552. Roy Dobson, 53, responsible for industrial operations, received £145,045 as part of a total package of £155,915, down from £232,007. Filiep Libeert, 47, responsible for nonwoven operations, received £207,067 in a total package of £218,055, down from £386,435.
Finance director Calvin O'Connor, 48, received £170,046 as part of a total package of £213,221, down from £264,059.
During the year, turnover rose from £921.4 million to £943.7 million and pre-tax profits fell from £84.6million to £80.1 million.
In his report to shareholders, Mr Mercer said: "There is no doubt the year 2000 was the most difficult our businesses have encountered for some considerable time."
He said substantial raw material price rises in all of the company's divisions was the main reason for reduced profitability.
The company's annual meeting will be held at the British Vita Training and Development Centre, Middleton, Manchester on April 18.
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