Hyde recently established a wholly owned manufacturing facility in the Philippines and this is typical of the strategic activity which will be required in future if the company is to retain its leading position in the market.

Mike Lennon becomes chief executive with immediate effect. Lennon has been with Hyde Sails since 1986, joining the board as technical director in 1995.

In this role he has been responsible for the success of Hyde Sails, producing a stream of competitive and innovative sail designs that have rapidly established Hyde as a leader in this intensely competitive sector.

It was Lennon who championed the move to Philippines and who went out there for six months to establish the facility and to set up production. Lennon owns 12% of the Company and has a significant stake in its future.

Two executive directors will support Lennon. Jackie Demain, the finance director, has been with the company for five years. She has proved her worth during the recent period of major change in which the central event has been the establishment of the factory in the Philippines and will continue to be responsible for finance and administration, both in the UK and in the Philippines.

Richard Franks will continue as sales and marketing director.