Paul Fullager has taken over as chairman of UK software house Marlborough Stirling as the firm reports a disappointing set of interim results and gloomy outlook for the remainder of the year.
Fullager, a non-executive director of Marlborough Stirling since 2000 and a former chairman of Staffware, takes over the reigns from Huw Evans, who announced his intention to step aside at the firm's AGM in May. He arrives at a time of transition for the company, which incurred a £2.9m charge in the first half as offices in Italy, South Africa and Spain were closed and 70 employees were shown the door.
The company says that "more radical action is planned", including a significant shift to the use of offshore resources. A short list of two potential offshore partners has been drawn up, with final preferred selection due in the coming weeks.
The firm is also looking to partner with larger "industry consolidators" as it bids for high-end funds management business in the life and pensions market, and has commenced a search for potential licensed resellers of its Lamda product in Australasia and North America.
For the six months ended June 2004, total turnover was £49.8 million, down from £56 million in H1 2003, owing to poor sales in life and pensions software and consultancy business.
Looking ahead, the firm is forecasting full year turnover at the low end of current market expectations.
By mid-morning shares in the vendor had slipped 7.4% to 43.5 pence, a penny off the year low of 42.5 pence.