30th Jan 2019 10:13
LONDON (Alliance News) - Boxhill Technologies PLC on Wednesday reported a swing to profit in its most recent half-year, while also announcing several changes to its board of directors.
The lottery operator has promoted Graeme Paton to be chief executive officer and Cath McCormick to finance director with immediate effect.
Paton joined Boxhill in 2016 and since then has held the position of chief technology officer of the Payments division. McCormick also joined in 2016 as financial controller.
Furthermore, the company's secretary, Andrew Flitcroft, will step down from the board in February but will retain his role, while Non-Executive Director Clive Hyman and Executive Chair Tim Razzall will not seek re-election at the firm's next annual general meeting.
Boxhill shares were restored to trading on AIM on Wednesday after the company published its delayed annual and half-year reports. The shares had been suspended since August while the lottery manager and football centre operator worked with its auditors to finalise the reports.
The stock price immediately plunged and is down 42% at 0.026 pence each in mid-morning trading.
For the six months to July 31, Boxhill posted pretax profit of GBP3.0 million versus a GBP310,000 loss in the comparative six month-period a year prior, due to a gain of GBP3.7 million on the sale of the Emex businesses to MDC Nominees Ltd in July.
Revenue for the six months was GBP550,000, more than doubled from GBP233,000 a year before.
On Wednesday, Boxhill also posted annual results for the year to January 2018. This was a pretax loss of GBP1.8 million, swung from a GBP2.0 million profit the year before, on revenue of GBP1.4 million, down from GBP1.8 million.
The company said it will hold a general meeting to propose a name change to St James House PLC.
At the meeting, the firm also will propose a share capital restructuring consisting of a sub-division of each share into one new ordinary share of 0.001 pence each and one deferred share of 0.099 pence each, followed by a consolidation of every 1,000 shares into one consolidated new share.
Therefore, it will be proposed that the existing 2.82 billion shares will become 2.8 million ordinary and 2.82 billion deferred shares.
"The board considers that having nearly three billion shares issued has created a negative perception of the company and also exposes shareholders to undue volatility. Accordingly, the restructuring is proposed with a view to improving the liquidity and perception of the new ordinary shares," the company said.