iEnergizer shares plunge as profit halves and CFO quits
Shares in Gurnsey-based iEnergizer took a dive after the company reported a 58% drop in pre-tax profit in its full-year results.
At 1344 BST on Thursday shares had lost 8.85% to 25.20p, having opened at 27.50p.
The media company said profit before tax was down from $20.7m to $8.6m, revenue dropped 9.4% from $153.7m to $138.9m while earnings per share fell from 12 cents to 4 cents.
iEnergizer announced its chief financial officer would leave immediately, while Marc Vassanelli joined as non-executive chairman. The firm’s present non-executive chair Sarah Latham would move to become executive director.
Vassanelli said in a statement the business was reorganising and cost associated with that, as well as company-specific headwinds, were a short term drag on financial performance.
“Fiscal 2016 will be a year in which our new, leaner structure, together with executing on significant opportunities in enterprise and continuing momentum in back office services and real time processing can set the company back on a path of renewed revenue growth and operating profit leverage,” Vassanelli said in a statement.