(Alliance News) - Accesso Technology Group PLC on Thursday said it has hired back former chief executive Steve Brown to his old job from next Monday.
In addition, Accesso said it expects a slight decline in annual revenue with earnings set to fall, and it has ended its formal sale process.
The stock was down 22% at 348.00 pence on Thursday morning in London.
The queueing and ticketing software company said Brown will be taking over from the current chief executive, Paul Noland.
Brown had served as chief executive of Accesso from 2016 until 2018.
"We are thrilled that Steve has decided to return. His understanding of the company's core business along with his vision and passion for Accesso are unmatchable. We look forward to working with him as we re-energize the company and move forward with our long-term growth plan. We thank Paul for his contribution and wish him the best for the future," said Non-Executive Chair Bill Russell.
In a separate statement, Accesso said it expects revenue for 2019 to be at, or marginally below, the lower end of expectations at around USD117 million to USD118 million, a marginal decrease from USD118.7 million posted for 2018.
The company said it expects adjusted earnings before interest, tax, depreciation and amortisation - excluding costs associated with the formal sale process - to be not less than USD27 million and cash Ebitda of not less than USD6 million.
For 2018, the company posted adjusted Ebitda of USD34.8 million.
Accesso also said it has terminated its formal sale process as the board concluded it was unlikely the process would result in an offer equal to the value of the company.
In July, Accesso started a formal sale process following the receipt of several unsolicited takeover approaches. The company launched the sale process in order to "ascertain whether such interest could translate into an offer for the company" which it considered worthwhile.
The company said on Thursday that the formal sale process was terminated with no offer accepted.
Full results for 2019 will be published on March 24.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Accesso Technology Group (ACSO)