Dowlis Corporate Solutions plc
28 November 2007
Dowlis Corporate Solutions plc
('Dowlis' or 'the Company' or 'the Group')
Board Change and Update
On 27th September 2007 the Company announced the appointment of Craig Slater as
Chief Executive. As part of this change, the Board has now completed a review of
the Group's strategy and performance.
Each of the Group's business segments is performing profitably at the
operational level and the Board believes that the current strategy will lead to
the creation of shareholder value. However the Board has taken the view that it
would be prudent to make provision in the current year for exceptional charges.
Specifically the Board proposes to adopt a prudent accounting treatment of
software expenditure and to provide for certain restructuring costs. After
taking account of the resultant provisions and write-down of previously
capitalised software, whilst the Group is expected to be profitable at the
operating level in the second half of the year, the Board believes that it is
likely that the Group will incur a small pre-tax loss before share option
charges in the current financial year.
The Group has made a number of acquisitions since joining AIM and is aware of
other potential acquisition targets. In the immediate future the Group proposes
to focus on further organic development of the existing businesses which have
considerable growth potential before considering further acquisitive growth in
2008.
The Company also announces that Barrett Bedrossian, Group Finance Director, will
leave Dowlis on 31st December 2007 to take up a position elsewhere. The Company
intends to appoint an interim Finance Director and to initiate a search for a
long term replacement. The Board would like to express its appreciation to
Barrett for his significant contribution to the Group.
Enquiries:
Dowlis Corporate Solutions plc
Colin Cooke, Chairman Tel: 020 7776 6550
Craig Slater, Chief Executive Tel: 07770 583768
Daniel Stewart & Company plc
Lindsay Mair/Oliver Rigby Tel: 020 7776 6550
This information is provided by RNS
The company news service from the London Stock Exchange