The chief executive of a renewable energy company has resigned just days after the business issued a profit warning.

Mark Robinson, who has led APC Technology for more than a decade, has been replaced by chief financial officer Richard Hodgson with immediate effect.

The London Stock Exchange-listed electronic component distributor, which is headquartered in Medway City Estate in Strood, issued a profits warning on its Minimise Energy division last week, after contracts failed to materialise.

Mr Robinson, who will stay on as a consultant, joined the company in 1985 as a sales engineer and was appointed to the board in 1992.

He was appointed managing director in June 2001 and the chief executive in September 2004.

In a statement, the company said: “The board would like to thank Mark for his contribution over many years and would like to wish him all the best in his future endeavours.

“Mark will work as a consultant to APC with a focus on supporting the group with its key customer relationships.”

New chief executive Mr Hodgson was chief operating officer during the turnaround of Green Compliance plc before it was acquired by APC in September 2014.

He will now work closely with the chairman and board on an operational review being carried out, and bring in its findings, which are expected to be in the late autumn.

APC Technology’s three main operating divisions, Component Distribution, Water Hygiene and Minimise Energy, will meet revenue expectations for the full year, but Minimise Energy is not expected to meet profit expectations.

However, the firm, which is listed on the AIM, said it was confident in the future prospects of the group.

Chairman Leonard Seelig added: “I am confident that Richard, our new CEO, along with the other members of the management team, will deliver the operational and financial improvements required to re position the Group for profit and cash generation in the new fiscal year.”