17th Jul 2024 12:03
(Alliance News) - K3 Business Technology Group PLC on Wednesday reported a slightly narrowed interim loss and said the board representative of its largest shareholder will take over as non-executive chair.
The stock was down 7.4% at 88.00 pence on Wednesday morning in London.
Manchester, England-based K3 provides business-critical software solutions for fashion and apparel brands.
Its pretax loss from continuing operations narrowed to GBP2.8 million in the six months that ended May 31 from GBP2.9 million a year before.
Revenue declined by 24% to GBP15.5 million from GBP20.3 million, but cost of sales were reduced by 29%. Adjusted administrative expenses were cut by 21% to GBP11.0 million from GBP14.0 million, and K3 took a smaller impairment of financial assets.
Looking to the remainder of financial 2024, K3 said the second half is typically its strongest due to software contract renewals, and it remains on track to meet its expectations for the year.
K3 also said it has promoted Non-Executive Director Oliver Scott to non-executive chair, replacing former executive chair Tom Crawford who is stepping down due to the health condition of a close family member.
Scott represents 28.8% shareholder Kestrel Partners LLP and has been on the K3 board since 2020.
Eric Dodd was recently promoted to chief executive officer from chief financial officer, while Lavinia Alderson was promoted to CFO from corporate finance director.
By Tom Waite, Alliance News editor
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