LONDON (Alliance News) - ECSC Group PLC said Tuesday its founder, Ian Mann, has been re-appointed chief executive officer of the IT service management firm.
ECSC shares were trading down 23% at 90.50 pence per share on Tuesday.
Having returned as an executive director in April amid challenging trading conditions and the departure of Chief Financial Officer Steve Hammell, Mann's re-appointment will see Lucy Sharp, who served as Mann's interim chief executive officer, resume her previous role of chief operating officer.
Non-Executive Chairman David Matthewson said he was "pleased with progress since the board changes earlier in the year, and believes this new structure will give us a strong platform to continue to deliver our growth strategy".
Mann added: "I am delighted to be resuming the role of chief executive officer and look forward to meeting with investors to discuss our progress and strategy in the next few weeks."
ECSC also released interim results for the six months ended June 30 on Tuesday.
The company said consulting services revenue rose 36% to GBP1.56 million from GBP1.14 million year on year, alongside a rise in managed services revenue, up 52% to GBP770,000 from GBP510,000 over the same period.
Total revenue for the first half jumped 43% to GBP2.65 million from GBP1.85 million in these 12 months.
Returning CEO Mann commented:
"We are pleased to report our revenue growth, with particular emphasis on our managed services recurring revenue. New client acquisitions and conversion to recurring revenues is a powerful combination to deliver growth and exploit the post-GDPR regulatory environment."
Chairman Mathewson cited strong revenue growth, tight cost control and cash management, and a more focussed management team. "The organic revenue growth reported is a result of the significant investment in the development of new operational facilities and services, recruitment of key personnel, and the introduction of a new management structure," Matthewson said.
As a result of the increased revenue, ECSC said its pretax loss for the period narrowed to GBP817,000 from GBP1.7 in the prior year.
The company, which floated on AIM in December 2016, declared no dividend for the recent interim period, unchanged.
