Alex Batchelor, chief operating officer of marketing and brand consultancy System1 Group PLC (LON:SYS1), is to move on to pastures new.
Batchelor will resign as a director with effect from 30 June 2017. His role is being split into two non-board positions, with Emma Cooper being promoted to head of Global Operations and Rod Connors moving to lead the Marketing division.
"On behalf of the group I would like to thank Alex for his invaluable contributions as a director and as COO of the company's threefold growth over the last seven years and we wish him the very best in his next challenge," said John Kearon, chief executive officer of the company formerly known as Brainjuicer.
Batchelor is leaving on a high note, with the company confirming this morning that the financial year that ended on 31 March was a good one.
The company recently changed its year-end reporting date from the end of December so this morning’s results statement covered a 15-month period, but for comparison purposes System1 publish pro forma 12-month comparative figures.
Those figures show a 27% hike in revenue (13% in constant currency, or CC, terms) to £32.8mln from £25.92mln in the corresponding 12-month period, and a 25% increase in profit before tax to £6.28mln from £5.03mln.
At the end of March the debt-free company had £8.27mln in cash, up from £6.37mln 12 months earlier.
Such was the strength of the cash position, the company not only banged up the final dividend to 6.4p from 3.5p the year before but proposed to pay a special dividend of 26.1p.
"Last year's strong results were a great finish to chapter one of the company's growth and the perfect set up for chapter two as System1,” said Kearon.
“During our first 16 years, as BrainJuicer, we built an international business challenging the market research industry - testament to which is being voted, 'Most Innovative Company' for the sixth year in a row.
“In the next chapter of growth, as System1, we're aiming to build a far bigger business challenging the marketing services industry, by being better able to produce and predict marketing that achieves profitable growth,” Kearon added.
The shares slipped 10.4% to 775p as the company revealed that the current financial year has started more slowly than management had anticipated. The share price has, however, doubled year to date.
The company said it is recruiting some people at senior levels in the US and remains confident of making further progress over the year as a whole.