NEWS23 May 2011

Alterian reports £4.4m operating loss

Financials News UK

UK— Troubled analytics software firm Alterian has reported a fall in revenue and an operating loss of £4.4m for 2010-11.

Revenue was £37m, down from £38m last year.

Chairman Keith Hamill (pictured) said today: “The results are poor due to an increase in costs aimed at expanding the business. These were not matched by growth in revenues, which were substantially below plan. However, I continue to believe that the company has good and competitive products addressing growing markets and some very able people. If well managed, it will get back on track.”

Last month the company’s CEO David Eldridge, who had led the company since it was set up in 1997, resigned, and the firm issued two profit warnings. A new CEO has yet to be recruited. Hamill, who was due to retire, has agreed to stay on as chairman until a new chairman and CEO have been found.