Altitude Group Regulatory News (ALT)

28 Nov 2007 14:21

Dowlis Corporate Solutions plc28 November 2007 Dowlis Corporate Solutions plc ("Dowlis" or "the Company" or "the Group") Board Change and Update On 27th September 2007 the Company announced the appointment of Craig Slater asChief Executive. As part of this change, the Board has now completed a review ofthe Group's strategy and performance. Each of the Group's business segments is performing profitably at theoperational level and the Board believes that the current strategy will lead tothe creation of shareholder value. However the Board has taken the view that itwould be prudent to make provision in the current year for exceptional charges.Specifically the Board proposes to adopt a prudent accounting treatment ofsoftware expenditure and to provide for certain restructuring costs. Aftertaking account of the resultant provisions and write-down of previouslycapitalised software, whilst the Group is expected to be profitable at theoperating level in the second half of the year, the Board believes that it islikely that the Group will incur a small pre-tax loss before share optioncharges in the current financial year. The Group has made a number of acquisitions since joining AIM and is aware ofother potential acquisition targets. In the immediate future the Group proposesto focus on further organic development of the existing businesses which haveconsiderable growth potential before considering further acquisitive growth in2008. The Company also announces that Barrett Bedrossian, Group Finance Director, willleave Dowlis on 31st December 2007 to take up a position elsewhere. The Companyintends to appoint an interim Finance Director and to initiate a search for along term replacement. The Board would like to express its appreciation toBarrett for his significant contribution to the Group. Enquiries: Dowlis Corporate Solutions plcColin Cooke, Chairman Tel: 020 7776 6550Craig Slater, Chief Executive Tel: 07770 583768 Daniel Stewart & Company plcLindsay Mair/Oliver Rigby Tel: 020 7776 6550 This information is provided by RNS The company news service from the London Stock Exchange