K3 Software likely to quit AIM as chief executive plans to retire
Manchester-based software company K3 Business Technology is likely to delist from the stock market and return cash from its most recent disposal to shareholders.
In a separate move, chief executive Eric Dodd is to retire in September 2025.
Following the recent sale of NexSys Solutions the AIM-listed K3’s largest business unit, and given the market exit, which will return £29m to shareholders the board does not intend to appoint a successor.
The business currently consists of K3 Fashion portfolio, which has annual recurring revenue (“ARR”) of c.£6.0 million at 30 November 2024 (2023: £5.8m); K3 Retail Solutions Business, with ARR of £5.8m at 30 November 2024 (2023: £5.8m); and K3 Global Accounts services business, with revenue of £10.9m for the year ended 30 November 2024 (2023: £18.6m).
The board will consult further with shareholders on de-listing from AIM.
“Should such a de-listing be agreed, it would be organised to become effective as soon as practicable after the planned return of value to Shareholders.
In February K3 reported a loss of £2.8m on revenue of £23.2m (2023: re-presented £31.3m) which Dodd described as “a challenging year”.
