(Alliance News) - Dods Group PLC on Wednesday said Simon Presswell will be stepping down as chief executive and director, effective immediately.
The business services firm said earlier Wednesday that its annual earnings would decline year-on-year. For the financial year to March 31, Dods expected adjusted earnings before interest, taxes, depreciation and amortisation to fall 20% to GBP2.8 million from GBP3.5 million the year before.
As highlighted in the half year report, the uncertain political and economic environment during 2019 and the general election in December has adversely impacted our publishing, events and training businesses, the company noted.
David Hammond will take on the role of interim executive chair, Dods said, adding that the search for a permanent chief executive has commenced.
"On behalf of the board, I would like to thank Simon for his tenure at Dods and we wish him well for the future," Hammond said.
Shares in the firm - which operates UK-focused news and analysis website PoliticsHome - were down 21% at 3.75 pence each on Wednesday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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