- AVA Risk Group (AVA) CEO and Executive Director Scott Basham has retired from the company after 16 months at the helm
- Chairman David Cronin thanked Mr Basham for leading the group through a transformation which returned the business to profit
- Technology Division Cheif Operating Officer Rob Broomfield will assume the role of CEO from today and will also continue to lead the Technology Division
- Additionally, AVA has increased its revenue guidance for both the fourth quarter and full 2020 financial year
- AVA Risk Group's share price is up 24.1 per cent to 18 cents per share
AVA Risk Group (AVA) CEO and Executive Director Scott Basham has retired from the company after 16 months at the helm.
Chairman David Cronin thanked Scott for leading the group through a phase of transformation.
“Scott bought the drive and energy that we needed during the execution of our transformation strategy. Under Scott’s leadership, our revenues have grown, and we have returned the business to profits," David commented.
"A lot has been achieved during the past 16 months and we thank Scott for his valuable and important contributions and service to the company, and wish him well in his future endeavours," he said.
Technology Division Chief Operating Officer Rob Broomfield will assume the role of CEO from today and will also continue to lead the technology division.
Additionally, AVA has updated its guidance, anticipating a fourth-quarter revenue of $12.3 million, which is $1.8 million higher than previously forecast. This has also bumped up the full-year revenue guidance for the 2020 financial year to $45 million.
Ava Group also now expects its full-year earnings before interest, taxes, depreciation and amortisation to be $1.8 million higher at around $6.8 million.
However, the technology division recorded approximately $2.5 million in order delays caused by the COVID-19 pandemic, but did see some improvements during June.
Finally, manufacturing of the SecureLink technology to protect data for the Indian Ministry of Defence (IMOD) recommenced during the fourth quarter. During that period the Group recognised revenue from additional licences and increasing its previously announced IMOD revenue guidance by approximately $800,000.
AVA Risk Group's share price is up 24.1 per cent to 18 cents per share at 2:25 pm AEST.