Portrait posts £1.3 million operating loss; announces new CEO
25 November 2008 | 4067 views | 0
UK CRM vendor Portrait Software is reporting a £1.3 million operating loss for the half year as disruption in the banking sector hit second quarter sales.
Revenue at the vendor increased by 9% to £6.9 million, from £6.3 million in the year ago period, buoyed by the contribution from the recently acquired Million Handshakes Norwegian CRM business.
The company, which says it is now seeing "more normal levels of business activity" as it heads into the second half, also announced a successor to CEO Nick Randall, who will step down next year.
Luke McKeever, formerly of Experian, Alterian and Capital ID, is joining the Board on 1 December as CEO Designate. He will take over the chief executive's seat full time in March next year, following the retirement of incumbent CEO Randall.
McKeever will be expected to bring onboard fresh clients and develop new services to boost the vendor's annualised recurring revenue stream of just £10 million from its stable of 300 customers.