3rd Jun 2015 07:22
LONDON (Alliance News) - Alternative Networks PLC said Wednesday that Chief Executive Officer Edward Spurrier will step down at the end of September, with Chief Operating Officer Mark Quartermaine stepping up as Spurrier's successor, as it posted a rise in pretax profit for the first half of its financial year.
Spurrier had previously indicated he planned to retire when an appropriate successor was appointed.
For the half year to end-March, the company posted a pretax profit of GBP5.6 million, up from GBP4.6 million a year before as revenue rose to GBP74.0 million from GBP63.0 million, and an increase in amortisation of intangible assets was offset by a GBP1.2 million gain from a property exit.
Revenue was boosted by the integration of acquisitions it made in January, alongside organic revenue growth of 7%. A strong performance from its Advanced Solutions business and an in-line performance from its Mobile business was partly offset by a decline in the Fixed Voice business of 10%.
Alternative Networks proposed an interim dividend of 5.5 pence, up from 4.9 pence in the previous year. It plans to pay a total dividend for the year at least 10% ahead of the previous year.
The company said it was on track to meet its full year expectations, and the outlook for its second half is positive. It expects its second half to be stronger than its first, with a similar weighting as in 2014.
"Our confidence is supported by high levels of backlog, a strong pipeline and with a number of new clients signed up in new verticals offering considerable additional opportunities," the company said in a statement.
Shares in Alternative Networks were trading down 0.3% at 530.12 pence early Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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