The high office revolving doors at Intrinsic Technology are clearly still swinging - the company is on the hunt for its fifth CEO in five years after attempts to find a buyer ended unsuccessfully.
Top dog Mark Bates has left the organisation after two years in charge and been replaced on an acting basis by non-exec chairman Gordon Matthew, interim CTO Steve Clark told us.
He said currently there isn’t yet a permanent successor in place.
Clark denied claims from sources that he is to be made the next full-time CEO, and said he was enjoying the flexibility the existing role afforded him. He did not comment further.
Sources told us Intrinsic came onto the market in January with corporate financier Rickitt Mitchell - which managed the sale of Calyx Managed Services - hired to find a buyer.
Intrinsic’s existing private equity backer RJD, which also owns Stone Group, was understood to be asking for around £20m, but no interested party wanted to meet the valuation, multiple insiders claimed.
Company moles said the continued change of leadership over the half decade meant the business was being pulled in different directions and lacked stability.
Intrinsic’s last filed P&L accounts for the fiscal ended 30 November 2014 showed a sales slump of 17 per cent year-on-year to £28.1m from £34m.
Admin expenses edged up to £10.99m, leaving an operating profit before exceptional items of £1.3m, down from £3.1m
The exceptional items included restructuring and business transformation costs of £719,000, versus charges of £1.09m in 2013 that was also related to a business revamp and a write down in the stock valuation. Financials for fiscal ’15 are due to be filed by the end of August.
We asked Bates, Matthew and RJD to comment, and will update when/if we hear from them. ®