LONDON (Alliance News) - Rosslyn Data Technologies PLC said Wednesday that Chief Financial Officer Francis Reid plans to resign and leave the company "in due course" to pursue other opportunities, and it expects to post a widened loss for its first full year since listing on AIM.
The company listed on AIM in April 2014. It expects to report a pretax loss of no more than GBP3.7 million for its full year to end-April 2015, compared to a pretax loss of GBP2.6 million in the previous year, excluding exceptional items and share-based payments, on revenue of no less than GBP2.8 million.
The company said it was encouraged by its performance, with strong sales growth in its second half that has continued into its current financial year. Rosslyn Data Technologies said it was confident it has the resources and business plan in place to become cashflow positive in line with its expectations.
Roger Bullen will succeed Reid from October 1. Bullen is currently executive director of international finance and operations at Navigant Consulting Inc.
"Rosslyn has achieved much in its first year as a public company and the company is well placed to capitalise on this with what we consider to be industry leading technology and global partners. We look forward to building on this progress and maintaining the positive momentum that has been generated operationally by the team," said Chairman John O'Hara in a statement.
Shares in Rosslyn are trading flat at 14.00 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Rosslyn Data (RDT)