UK customer relationship management vendor AIT is reporting steady progress in its turnaround plan and says it is now trading profitably.
At the AIM-traded software company's AGM, Richard Hicks, executive chairman, says that following the stringent cost-cutting entailed in phase one of the turnaround plan, the firm is now entering the second phase, which calls for a period of financial stability and modest profitability.
He says: "The strict financial controls which the team have put in place, combined with an encouraging level of demand for Portrait, our flagship CIM product, have enabled AIT to trade profitably in the financial year to date."
Hicks took over as executive chairman at the firm he founded after the vendor stunned the market in early 2002 with a surprise announcement of trading shortfalls and liquidity problems, eventually reporting an £8.7 million loss for the year.
Hicks says the company's financial position will be significantly strengthened through the securing of a further £5m of funding from the issue of the convertible loan notes. Furthermore, cash flow will be improved by the rescheduling of certain of the company's debt obligations.
AIT has also moved to strengthen its sales force, announcing the appointment of Keith Waterman, formerly a director at SmartStream Technologies, as global head of sales, with overall responsibility for global sales management, strategic alliances and partnerships, and marketing.