K3 Business Technology Group, a provider of bespoke software solutions for the fashion and retail sectors with offices globally, is to de-list from the AIM market of the London Stock Exchange.
The Manchester-headquartered firm is poised to return £29 million to shareholders, following the divestment of its NexSys Solutions subsidiary to global ERP software provider SYSPRO for £36 million in cash.
K3 has now put forward proposals for the cancellation of its shares from public trading. The company also confirmed it has no plans to appoint a successor to CEO Eric Dodd, who is set to retire at the end of September.
Dodd initially joined K3 as Chief Financial Officer in April 2023, before taking on the role of CEO later that same year, succeeding Marco Vergani.
In a statement released in April, K3 affirmed: “The board does not intend to appoint a successor to Eric, and the remaining business unit heads will report directly to the board.”
K3 serves over 3,000 customers across 20 countries. However, the company reported a decrease in revenue from continuing operations, which fell to £23.2 million in the 12 months ending 30th November 2024, down from £31.3 million in the preceding year. Adjusted operating losses, however, narrowed to £1.1 million from £1.4 million. The group comprises a products division and a third-party solutions division.
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