Kirkcaldy-based shopfitter and interiors firm Havelock Europa said CEO David Ritchie resigned with immediate effect “to pursue other business interests” as it announced it made a loss before tax of £2.6 million in the half year to June 30 and that revenue fell 9% to £23.2 million.

Havelock appointed former Farnborough International Airshow chief Shaun Ormrod to replace Ritchie.

The Fife company said a strong first-half performance in the retail and lifestyle sector was more than offset by lower activity in public sector and corporate services.

“Whilst H2 is expected to be profitable, the results for the full year will be significantly below last year,” warned Havelock.

Havelock chairman Ian Godden said: “I believe that Shaun’s significant experience as a chief executive, allied with his relevant design, interiors, and property redevelopment expertise, will be highly valuable to Havelock as we begin to implement a new strategy for the company’s future growth later this year.”

Ormrod was CEO of Farnborough International Limited from April 2008 until May 2017, and was responsible for the management of the Farnborough International Airshow.

Ormrod oversaw the development of a new £32 million conference and exhibition facility at Farnborough.

From 2006 to 2008 Ormrod was general manager of Alexandra Palace, a facility acquired for redevelopment which included a 300-bed 4-star hotel.

Before that, he was group operations director for the NEC Group in Birmingham and conducted a £40 million refurbishment of that group’s venues and infrastructure.

Ormrod graduated from Manchester University with a BA (Hons) in Interior Design.