K3 Business Technology Group plc has named a new chairman alongside its half-year results.
The Salford-headquartered software provider to fashion and apparel brands revealed recently that executive chairman Tom Crawford would step down to become a non-executive director.
The move is intended to reduce his work commitments in light of the health condition of a close family member. CFO Eric Dodd has taken up the role of CEO, with group corporate finance director Lavinia Alderson succeeding him as CFO.
Now K3 has appointed Oliver Scott as non-executive chairman with immediate effect.
Scott joined the company’s board in February 2020, when he was appointed as a non-executive director and a representative of major shareholder Kestrel Partners.
K3, which serves more than 3,000 customers across 20 countries, reported a drop in revenue to £15.5m for the six months to 31st May 2024, compared with £20.3m in the corresponding period last year.
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However adjusted operating loss improved significantly to £1.2m (2023: loss of £1.8m), which it said reflected cost reduction measures implemented in the prior period and continued cost discipline.
“Interim results mainly reflect the anticipated reduction in activity at global accounts,” said Dodd. “This has been managed as effectively as possible and, despite the unit’s performance, the group’s gross profit margin has been improved, cash generation increased, and the overall loss reduced. Net cash at the half-year end remained very healthy (2024: £2m; 2023: £2.9m).
“The second half of the financial year is typically our stronger half, with significant cash inflows from software licence and maintenance and support contract renewals.
“Our priority is to deliver shareholder value while maintaining strong financial discipline. The group remains on track to perform in line with our expectations for the current financial year.”
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