14th Jan 2016 09:48
LONDON (Alliance News) - Altitude Group PLC on Thursday revealed a string of board changes, resulting in the appointment of a new chairman, chief executive and chief operating officer, and said it is stepping up its focus on its software as a service business.
Altitude Group, which has its head office in Manchester, named Peter Hallett, previously a non-executive director, as its non-executive chairman, meaning that Richard Sowerby will leave behind his previous role as executive chairman in favour of becoming non-executive director.
Managing Director Vicky Robinson is leaving altogether, Altitude said, as she would like to take "time out with her family". As a result, Martin Varley, currently commercial director, has been appointed chief executive.
On top of those changes, Shaun Parker, who has held senior management positions at companies such as Redstone PLC, Hewlett Packard and Compaq, was named as the company's new chief operating officer.
Meanwhile, the group said the shift to software as a service comes after 18 months of "re-engineering" of the business, a process which helped to cut staff costs by more than GBP1.5 million since March 2015, measured in terms of the annual run rate.
Altitude said it is looking at how it can boost returns through transactional charges rather than a monthly subscription model alone, and it sees an opportunity to grow revenue while adding users to its artworktool.com platform.
"The full commercial release of the Artworktool application took place this month, and we are excited about the opportunities this presents," Altitude said.
"With products that are built and ready for market, it is anticipated that the high cost of software development will reduce and with an operationally focused leadership, we will invest only where there are clearly defined commercial opportunities," the company added.
Shares in Altitude were untraded at 9.50 pence on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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