Alterian loses founder after contract miss

first_img whatsapp SHARES in software group Alterian lost almost a fifth of their value yesterday after it compounded a profit warning with the loss of its founder chief executive.Alterian, which makes marketing software for governments and big companies, said a delay to a £4m contract renewal would cut ten per cent off its full-year revenues and profits.David Eldridge, who has led Alterian since founding it 14 years ago, resigned to take responsibility for the “disappointing” results leaving the company in further turmoil as it began the search for a replacement.“The results for the year will be disappointing, principally as a result of the deferral of a major expected contract renewal and extension,” he said. “I take my responsibilities seriously and am stepping down from my role as the chief executive of Alterian.”There is no immediate candidate to succeed Eldridge as new chief financial officer Guy Millward is not keen to step up, but non-executive director Iain Johnston is to become deputy chairman until a successor is found.Analysts said a sale of the company would be likely with Eldridge no longer at the helm, but this may not benefit shareholders in the firm.The contract renewal was expected to be signed before 31 March but due to “substantial management changes” at the client it could not sign before Alterian’s financial year ended. Alterian said it “considers that it is likely that the contract renewal and extension will be agreed”. Contract delays are a frequent cause of profit warnings for technology firms and others such as Micro Focus and Pace have announced similar deferrals already this year. Alterian’s shares closed down 18.9 per cent at 154p yesterday. Alterian loses founder after contract miss Monday 4 April 2011 8:23 pm KCS-content Show Comments ▼ center_img whatsapp Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definition Read This NextWATCH: Shohei Ohtani continues home run tear, Los Angeles Angels winSportsnautYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofBaked Sesame Salmon: Recipes Worth CookingFamily Proof’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Sharelast_img

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