One of the market’s major suppliers, Ottobock, which has been a private family company for the last 100 years, has declared its intentions to prepare itself for an IPO, which would see it open up its shares to public investors on the stock exchange.
The mobility and prosthetics supplier has just appointed a new CFO as part of its management reshuffle this year who has been brought in to help guide the company towards the IPO.
Philipp Schulte-Noelle will speed up reporting and complying with IFRS (the International Financial Reporting Standards) in the future, among other things. His field of responsibility includes risk management in addition to finance.
He said that getting a family company of 100 years ready for an IPO is an “exciting challenge”.
Ottobock’s UK arm maintained steady sales in the last year, achieving just shy of £22m in revenues, which is a 4% rise on its previous results.
In 2016 it saw a huge 90% jump in its post-tax profits and increased its turnover by 8% to £21m.
Schulte-Noelle will join under CEO Dr Oliver Scheel from August and completes the management board under majority shareholder Professor Hans Georg Näder.
Dr Scheel became CEO in January and has assembled a new management team to take the company forward.
He said: “With the new CFO, we have put together a new management team within half a year, enabling us to work on our profitability and growth targets with a full line-up in the third quarter.”