Idox, the software and services firm which employs around 75 of its 145 staff in Glasgow, yesterday said it was changing its chief executive for the second time in 18 months.
The company said that Steve Ainsworth, its current chief executive, would step down with immediate effect, and he would be replaced by Richard Kellett-Clarke, the chief financial and operating officer.
IDOX parted company with former chief executive Andrew Fraser in mid-2006 after growth stalled in the first half of the year. The firm said its integration of CAPS Solutions, which it acquired in June, had provided better-than-expected cost savings, and it predicted it will end the year with a positive net cash position, compared to forecast net debt of £4m.
Ainsworth said: "Having assisted with the rapid integration of CAPS and IDOX and achieving successful year-end trading results, I have decided it is now time for me to pursue other business opportunities."
IDOX also said operating profit was expected to beat the firm's expectations, although revenues were seen slightly lower.
Shares in IDOX lost 0.25p, to 11.75p, valuing the com- pany at around £41.9m.
It also said it was seeking a new finance chief to replace Kellett-Clarke.
IDOX, which floated on the Alternative Investment Market in 2000 during the thick of the technology meltdown, has a big customer base in local government, and provides web-based software packages that allow complex paper-based processes to be automated and stored online.
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