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LONDON (Alliance News) - Redcentric PLC's Chief Executive resigned with immediate effect of Thursday after the firm posted "disappointing" interim results.
Shares in the company fell 23% Thursday, and were trading at 59.94 pence each.
Chief Financial Officer Peter Brotherton will take on the responsibilities of former CEO Chris Jagusz until a permanent replacement is appointed.
Chairman Chris Cole said: "The results announcement today, whilst showing Redcentric's resilience, does not demonstrate progress with regard to sales, delivery and execution. The board has therefore decided Redcentric's growth ambitions would be better served with a change of leadership."
For the six months to September 30, the IT managed services provider's pretax loss widened to GBP122,000 from GBP28,000 a year ago. Revenue fell 7.6% to GBP47.5 million from GBP51.4 million.
"During the period Redcentric has made strong progress with its programme of driving operational efficiencies, cost control and cash discipline. This work has led to a leaner, more efficient business and one that is able to respond more quickly in a dynamic industry," Cole added.
He continued: "Despite these positives, top-line revenue performance has been disappointing and we have taken action to address this and return the business to organic revenue growth.
Despite the negative results, the company kept its interim dividend at 0.4p per share, to represent the board's confidence in the company's outlook.
Looking forward the company has two strategic priorities. It will continue streamlining the business where targeting cost savings and efficiency improvements, and attempt to return the business to organic revenue growth.
"Given these initiatives the board expects the rate of revenue decline will slow in the second half and return to growth in full-year 2020," Redcentric added.