Blancco shares dive as CEO tenders resignation, effectively immediately

Blancco Technology Group issued a profit warning on Monday alongside the announcement of its chief executive, Pat Clawson's, departure, effective immediately.

Software & Computer Services

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Blancco is primarily focussed on the supply of mobile device diagnostics and secure data erasure products and announced it would reverse £2.9m of revenues from two previously booked contracts.

The group said it now anticipated revenue from the year ended 30 June to be roughly 29% higher on the previous period, or 15% at constant currencies, with operating profits to be approximately £2.6m with adjusted earnings EBITDA to be in the vicinity of £4.1m.

Blancco said cash flow for the financial year ended 30 June would not be impacted.

Chief financial officer, Simon Herrick was tapped to take over from Clawson on an interim basis.

As of 1045 BST, shares had plummeted 26.80% to 74.20p.