IkeGPS executive reshuffle sees CFO, sales VP leave

Tuesday 29th March 2016

An executive reshuffle at IkeGPS will see the departure of the laser measurement tool developer's chief financial officer and senior vice president of sales.

The Wellington-based company said it has restructured its business units where leaders will be responsible for revenue and growth of specific vertical markets, dis-establishing the cross-market role of its senior vice president of sales, held by Brian Soliday, and will relocate the CFO position in the US to focus on accessing American capital markets. IkeGPS's New Zealand-based CFO Gael Hargreaves will be replaced by a financial controller, and she will leave the company at the end of April.

"We continue to shape our organisation structure and executive team to reflect the growth of our business," chief executive Glenn Milnes said in a statement. "This has a sharp focus on delivering to customers in three distinct vertical markets - electric utilities, government, and new markets such as signage, insurance & construction."

In January, ikeGPS cut its revenue forecast for the year ending March 31 to between $9.2 million and $11.5 million from a previous range of $12 million to $14.3 million, blaming a delay in orders for its new product. That's still up from the $4 million of revenue reported in 2015 when ikePGS missed the $6.5 million projected in its initial public offering prospectus.

The company raised $900,000 from institutional investors at 81 cents apiece to fund expansion in the US, where it's looking at a secondary listing.

The shares last traded at 66 cents and have declined 5.7 percent this year. The shares were sold at $1.10 in an initial public offering in 2014 when it raised $25 million of new capital as it shifted away from production development to sales and marketing.

(BusinessDesk)

BusinessDesk.co.nz

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