18th Oct 2018 13:16
LONDON (Alliance News) - WideCells Group PLC said Thursday it has restructured its board in a move to cut costs, refocus strategy and achieve revenue growth.
Chief Financial Officer David Bridgland stepped down from his board position but will remain with the stem cell services provider until the end of the year, to serve out its notice period. The firm will now recruit a financial controller.
Chief Scientific Officer Peter Hollands also stepped down from his board position but will remain as a director of WideCells Storage & Research division and as group's chief scientific officer.
Meanwhile, Chairman Peter Presland will take on additional responsibilities until the group has stabilised, to enable Chief Executive Officer Joao Andrade to focus on sales and business development.
At the end of last month, shares in WideCells more than halved in one day after its interim loss expanded amid what it called "very difficult time" for the company.
It pretax loss more than doubled to GBP2.0 million from GBP880,396, as revenue remained insubstantial and administration costs rose to GBP1.5 million in the period from just GBP898,075 a year ago.
The company booked "over" GBP390,000 in the period through costs related to aborted acquisitions and three attempts to raise capital, as well as re-organisation expenses of GBP130,000.
"It gives me no pleasure to report the first half of 2018 has been a very difficult time for the group. Whilst the vision and the value proposition of the group remains unchanged, as shareholders will no doubt be aware, the year to date has been one that has presented us with unforeseen challenges," said Chairman Presland said at the time.
WideCells shares were trading 1.6% higher at 0.48 pence on Thursday but remain down 97% in the year so far. At the beginning of January, WideCells shares traded at 14.15p.
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