The Harrogate-based specialist confirmed it is now looking for a new finance director following the departure of Harris at the end of June.

Harris – who has more than 25 years experience in finance related roles, including the position of chief finance officer for defence and national security giant Raytheon Systems – is now looking for new challenges.

Meanwhile, NG Bailey Group has revealed group pre-tax profits fell from £6.9m to £4.2m in the year to February 2015, due mainly to lower returns on stock market investments.

But David Hurcomb, chief executive at NG Bailey, said there had been a 43% rise in underlying profit to £3m, helped by planned diversification into IT and facilities services.

Overall sales dropped 4% at the Group to £365m as turnover in building and  construction declined by 16% due to a strategic decision to limit exposure to the volatile London market and reduced volume of rail work.

Hurcomb said: “This is a strong result. We are all aware the economic environment is improving, but we also know that it is taking time to filter through to our industry.

“It’s still tough out there, particularly in building construction. Margins remain under pressure across the supply chain, which is why we seek to avoid bidding high-risk, low margin work.

“That said, all of our divisions performed profitably, which gives us a strong platform for developing a long-term, sustainable, business.”

He added: “We firmly believe our strategy of creating a much more broadly-balanced business is the right one.

“We remain committed to growing each and every part of our business, which includes the work we do in the traditional building construction market. This is what our business was built on when the company was founded in 1921 and, it will remain a core part of our business moving forward.”