Acta releases profit warning as CEO jumps ship
Hydrogen energy company Acta has issued a profit warning following the initial findings of an operational review, launched following the exit of its chief executive on Friday.
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The group warned shareholders that its cash and revenue performance in 2014 will be "significantly" below the board’s previous expectations.
It explained that results for the fiscal year were heavily affected after a significant delay in orders, which was due to evolving customer technical requirements.
As a result, the board has commenced a number of measures to reduce costs and conserve cash until the anticipated orders arrive.
The group said that it had already identified a new chief executive to replace Paolo Bert, whose departure was announced on Monday.
As of 10:52 on Tuesday, the group’s share price had plummeted 39.56% to 0.68p per share.