Fronde seeks investor after $2.9m loss
- 03 February, 2008 22:00
Fronde, which last week reported poor half-year results with a $2.9 million bottom-line loss, has “fixed its problem” and is looking for an investor, says co-founder David Irving.
The company posted the loss on flat revenues of $16.9 million and said it was re-examining its growth strategy.
With the resignation of chief executive Jim Donovan, Irving has been designated to represent the board on-site, chairman Philip Shewell says in his report. Irving is a director and major shareholder.
Irving says the company has shed “10 or 12 people” as part of that re-examination — which began in September — and is now looking to recruit.
“The problem has been fixed,” he says. Irving wouldn’t comment about breaches of UK banking covenants referred to by Shewell in the company’s report. Shewell didn’t return Computerworld’s calls.
Fronde Anywhere remains “the jewel in the crown” of the company, Irving says. “We’ve sold it in Europe and Asia and we have a pretty impressive pipeline.”