LONDON (Alliance News) - Shearwater Group PLC on Friday said that following a restructuring of the business Chief Executive Officer Michael Stevens will step down from the board with immediate effect.
Stevens will be replaced by Executive Director Phil Higgins who has immediately been named CEO.
For the year ended March 31, the company expects its loss before interest, taxes, depreciation and amortisation to be around GBP1.6 million, widened from GBP1.0 million a year ago.
Revenue meanwhile, is guided up to GBP23.5 million from GBP6.4 million.
Cash as at the March end was GBP600,000.
Shearwater added that is expected that its current financial year with see "significant growth." This was after its largest acquisition to date - Brookcourt Solutions - continued to trade in line with management expectations.
Shares in the software company closed up 17% at 1.75 pence each.
Shearwater (SWG)