CEO departs Myriad Group following poor results

Slump in revenues and rising losses leads to departure of senior directors
Simon Wilkinson resigned as CEO of Myriad Group following poor H1 results.
Simon Wilkinson resigned as CEO of Myriad Group following poor H1 results.

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Myriad Group, a mobile apps provider listed on the Swiss stock exchange, this week reported the resignation of its CEO, Simon Wilkinson, and two other senior managers, Mike Brady, senior vice president and GM, mobile services, and James Robins, senior vice president, marketing. The senior departures came as the firm reported a slump in revenues and a sharp rise in its net loss for the first half of 2011.

The company, which has contracts with numerous operators in the Middle East and Africa, reported revenues of $25.1 million, a decline of 28.5% compared to the same period in 2011. The firm posted a net loss of $23.3 million compared to a net loss of $4.6 million in the first half of 2011.

The decline in revenues came despite the company having acquired the UK-based mobile messaging provider Synchronica for some $38 million in April 2012.

Myriad attributed the slump in revenues to lower demand for legacy device software as feature phone volumes declined. It added that service deployment in a number of operator accounts “was slower than anticipated”.

Myriad Group also said that it was launching a fully underwritten rights issue for $10.8 million in order to complete the integration of Synchronica and to ensure sufficient funds to support its growth strategy. The rights issue is expected to be completed by mid-October.

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