Brown was an original founder of the business back in 2003 and has led ATTRAQT for the past 15 years, including the period of significant expansion driven by the group’s admission to AIM in 2014, and the more recent acquisition of the Fredhopper business in 2017.
Without disclosing reasons for his departure, the board said it would like to thank Brown for “his considerable contribution and wish him every success for the future”.
Trading in the last two months of the year has been in line with the update issued at the end of October 2017 and revenue is expected to be between £13.5 million and £13.6 million. Fourth quarter bookings were also in line with expectations with several large upsells to existing clients. Cash on 12 January 2018 was over £2 million.
The company said it has reviewed its order book and had success in delivering a number of signed clients and customer go-lives. The market demand remains strong for ATTRAQT, with research from the British Retail Consortium showing that overall online sales across the Christmas trading period rose by 7.6 per cent.
The company said it ended the year to 31 December 2017 in line with the guidance given in the October trading update, and expects to announce its annual results on 8 March 2018.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.