(Alliance News) - Personal care and beauty products maker Brand Architekts Group PLC on Monday reported the departure of its chief executive officer after posting a drop in revenue and profit for financial 2019.
Revenue for the 52 weeks to June 29 came in at GBP19.7 million, down from GBP21.1 million in the 53 weeks to June 30. As revenue fell, the firm's pretax profit dipped to GBP1.8 million from GBP2.4 million.
Brand Architekts said it expects the economic and consumer uncertainty seen in the UK in the second half of the financial year to continue into the new one.
"The slow-down in momentum in our Owned Brands business will be addressed by enabling management to focus on this business following the disposal, innovative NPD and a stronger focus on distribution in both the UK and internationally," the firm said.
Brand Architekts proposed a final dividend of 4.35p which, together with the 2.15p interim dividend, bring the total payout for the year to 6.5p, up 5% year-on-year.
Following the sale of its manufacturing business in August, the board has mutually agreed that Tim Perman will step down as chief executive on Monday. Brendan Hynes will take on an executive chair role until a permanent replacement is appointed.
Shares in Brand Architekts were down 11% at 180.00 pence in London on Monday.
By Lucy Heming; lucyheming@alliancenews.com
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Brand Architek. (BAR)