LONDON (Alliance News) - Digital advertising platform provider Crossrider PLC on Monday said its chief executive has resigned from his role, as it said trading in the second half was in line with market expectations, though it now expects only a modest improvement in its results in 2016.
The company said Koby Menachemi, one of the founders of the company, will step down as chief executive in March to pursue other opportunities.
Don Elgie, the founder of marketing communications company Creston PLC, has been appointed executive chairman of the business as Crossrider searches for a replacement chief executive.
Trading in the second half of 2015 was in line with market expectations, Crossrider said, with revenue set to be around USD85.0 million, up from USD71.1 million a year earlier, though its adjusted earnings before interest, taxation, depreciation and amortisation will be around USD10.0 million, a decline on the USD13.3 million it made a year earlier.
Revenue from its high-volume, lower-margin mobile marketplace business more than doubled in the second half of 2015, the company said, but revenue from its higher-margin, lower-growth web business fell 1.0% year-on-year and by 17% on the first half.
Crossrider said that while its revenue and earnings to be ahead year-on-year in 2016, any increase will be modest.
Crossrider shares were down 25% to 40.00 pence on Monday morning, one of the worst performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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