THE new chairman of Belgravium Technologies has launched a strong criticism on the company’s structure as he begins attempts to “rebuild the confidence” of shareholders, customers, partners and staff.
Ian Martin took over in June from John Kembery, who had been executive chairman for 18 years, and started by investing £160,000 shares to take a 3% stake.
He wants to restructure the Bradford-based company “to build a profitable and successful Belgravium, one that is capable of exploiting the opportunities as they arise”.
He added: “Although financial results in the short term may be disappointing, the changes that are now being made are essential to the future prosperity of the business.
“In a turnaround situation it is always difficult to predict the actual point when the benefits will become visible, but change is happening. We are investing in our future and have not been afraid to sacrifice some of the present to do so.”
Belgravium supplies and manages a range of mobile computing services with a focus on the logistics, transportation and mobile retailing sectors,
Mr Martin believs the company’s structure is “overly complex and disparate and that its strategy requires greater coherence”.
He has launched a restructuring programme, designed to reduce its cost base by £500,000, as the company seeks to strip ut duplication and make its proceeses more efficient. It it hoped the group will benefit next year and in subsequent years from “a much lower cost base, coherent structure and new energy”.
Its half year results announced today, for the six months to June, showed a post-tax profit, before exceptionals of £90,000 – down from £223,000 – while revenues were down 3% at £4.43m.
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