Altitude Group PLC Board Reorganisation and Update (8043L)
January 14 2016 - 2:00AM
UK Regulatory
TIDMALT
RNS Number : 8043L
Altitude Group PLC
14 January 2016
ALTITUDE GROUP PLC
("Altitude", the "Group" or the "Company")
Board Reorganisation and Update
Altitude is pleased to announce a reorganisation of the Board
and to provide a commercial update.
Board Reorganisation
Peter Hallett, Non-Executive Director, has been appointed to the
role of Non-Executive Chairman with Richard Sowerby moving from
Executive Chairman to Non-Executive Director.
Group Managing Director Vicky Robinson has decided that after
ten years with Altitude, she would like to take time out with her
family and is therefore leaving the Company. As a result, Martin
Varley, currently Group Commercial Director, has been appointed
Group Chief Executive.
In addition Altitude is pleased to announce the appointment of
Shaun Parker to the Board position of Chief Operating Officer.
Shaun has wide and relevant experience of the technology sector
having held senior management positions in Specialist Computer
Centres, Ricoh Global Services, Redstone plc, Hewlett Packard and
Compaq, particularly in outsourced managed services including
software.
Following these changes, the Board comprises two executive and
two non-executive directors.
Commercial Update
The last 18 months have seen a substantial reengineering of the
business, during which the annual run rate of staff costs has been
reduced by more than GBP1.5 million compared to the levels at March
2015. The drive to remove costs and 'right size' the business has
been a key focus of the operating team. The fact that this has been
achieved whilst refining products and maintaining key customer
relationships is a testament to the dedication, skill and hard work
of the team.
The Group is now increasing its focus on the Software as a
Service ("SaaS") business, and is exploring how it can maximise
returns through transactional charges rather than a monthly
subscription model alone. We see the opportunity to grow revenue in
this way and simultaneously to add users to our artworktool.com
platform. The full commercial release of the Artworktool
application took place this month and we are excited about the
opportunities this presents.
With products that are built and ready for market, it is
anticipated that the high cost of software development will reduce
and with an operationally focused leadership, we will invest only
where there are clearly defined commercial opportunities.
We enter 2016 with our Trade Only National Show on 20 and 21
January expected to increase contribution again and the launch of
artworktool.com having taken place. The Group has no debt and
sufficient cash resources to execute its plan.
Peter Hallett, Non-Executive Chairman, commented: "We would like
to thank Vicky for her service to Altitude over the last decade and
wish her well for the future. We welcome Shaun to Altitude and are
confident that his extensive experience of outsourced managed
services will be invaluable as we increase the focus on the SaaS
business."
Contact:
Altitude Group plc
Peter Hallett (Non-Executive Tel: 07887
Chairman) 987469
WH Ireland Limited (Nominated
Adviser and Broker)
Tim Feather Tel: 0113 394
Liam Gribben 6600
APPENDIX
The following information is disclosed pursuant to Schedule Two
paragraph (g) of the AIM Rules for Companies:
Shaun Raymond Parker, aged 53, is currently a director of
Marizon Consulting Limited.
There are no further disclosures required in accordance with the
AIM Rules.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEAXFDFFKKEFF
(END) Dow Jones Newswires
January 14, 2016 02:00 ET (07:00 GMT)
Altitude (LSE:ALT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Altitude (LSE:ALT)
Historical Stock Chart
From Apr 2023 to Apr 2024