Inveresk has appointed David Harrison as finance director to replace Gerard Cassels, who left earlier this year after the firm successfully repelled a takeover approach from Swedish group Klippan.

Harrison, who has an MBA from Columbia University in New York, will start his new position from tomorrow (1 December) after completing his time at Glasgow-based information technology group Iomart.

There are signs that the Alloa-based firms fortunes are turning around after its restructuring plan was implemented earlier this year with the loss of 165 jobs and the planned closure of its Kilbagie Mill.

Inveresk said it had been "trading profitably at the pre-tax level before exceptional items since the start of the second half on a consistent basis". At the end of the third quarter its debt had declined from the level at the first half of the year and it said this trend had continued into the final quarter.

Inveresk is currently talking to a number of suitors interested in acquiring the Kilbagie Mill, which is set to close next February with the loss of 74 jobs.

Inveresk company secretary Andrew Scull said: "It seems that the restructuring has certainly been effective to date."

The firms year end is also on 1 December, and it will release its results in January.

Story by John Davies