TMCnet News
Artilium Warns On Second Half As Chairman And CEO Both Resign(Alliance News Via Acquire Media NewsEdge) LONDON (Alliance News) - Artilium PLC Monday said earnings in the second half of the year will be lower than the first half due to challenging operating conditions, as the company announced that both its chairman and its chief executive officer will resign on July 1. The telecommunication software and services company warned at the time of its first-half results in March that revenue growth in the second half of the year would depend on the timing of converting opportunities in its sales pipeline, following a period of challenging conditions in its operating environment. In a statement Monday, Artilium said those challenging conditions have persisted, and it continues to experience lengthening sales cycles from its customers. As a result, Artilium said it expects earning before interest, taxes, depreciation and amortisation for the second half of the current financial year ending June 30 to be lower than earnings achieved in the first half, while earnings and revenue for the year as a whole remain dependent on the timing of the conversion of outstanding opportunities. In the same statement Monday, Artilium announced that Chairman Patrick Morley and Chief Executive Officer Willem Van Den Brink both will resign on July 1, the start of its new financial year. The company said that Morley will be replaced by current Non-Executive Director Jan-Paul Menke, while Bart Weijermars will be appointed as chief executive to replace Van Den Brink. Weijermars was previously chief executive officer of T-Mobile in the Netherlands from 2009 to 2011, and prior to that worked for KPN Mobile. Artilium shares were down 2.0% at 6.00 pence Friday morning. Copyright 2014 Alliance News Limited. All Rights Reserved. |