Consumer relationship marketing software provider smartFOCUS says that its 2010 profit will be better than expected but chief executive Chris Underhill has stepped down as chief executive.
This comes one month after smartFOCUS released its interim figures. Curt Bloom, the head of the US operations, will be interim chief executive. Underhill will remain on the board until the end of the year. It appears that he believes it is time for someone with different skills to take over. More of the company’s growth will be outside of the UK in the coming years.
smartFOCUS reported doubled profit of £309,000 in the first half of 2010. Revenues grew 17% to £6.59m, with 63% of them recurring. At that time, Arbuthnot forecast a full year profit of £800,000, compared with £490,000 in 2009.
At 16.75p a share, up 1p, smartFOCUS is valued at £16m.
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