LONDON (Alliance News) - Coms PLC Friday said Finance Director Sue Alexander has stepped down, and Chairman Ian Ross has resigned, as it reviews its audit function after it was forced to issue corrections to its full-year results for the year to end-January.
In June the cloud-based telephony company issued a correction to its earnings before interest, tax, depreciation and amortisation figure for the year after consulting with its auditors, reducing it to GBP827,348 from the GBP1.5 million it had originally stated.
As a result of these "technical difficulties" with its results, Coms has opted to undertake a review of its audit function. Alexander decided to step down from her role, Coms said, but will remain with the company. It has begun the search for an "experienced public company chief financial officer", it said.
Ross has resigned for personal reasons, and will be succeeded by Frank Beechinor, who has been appointed to the board as a non-executive director.
The cloud-based telephony company reiterated confidence in meeting market expectations for its full-year results.
After recent acquisitions the company has been restructuring, which it said will lead to a pretax loss in the first half. However, it is confident that a majority of these costs will be limited to the first half, and it will see a significant improvement in profitability in the second half.
"The company is performing well and, whilst the integration of the various businesses acquired has also gone well, it will take time to see the full benefit of the cost synergies we have identified," said Chief Executive David Breith in a statement. "We have a strong pipeline of potential contracts, of varying sizes and terms, and I remain extremely confident in the Company's ability to deliver against market expectations."
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
