Alternative Networks waves goodbye to CEO Spurrier

VAR sees its revenues jump by 17 per cent thanks to 'successful integration' of acquisitons

Alternative Networks has announced the departure of chief executive Edward Spurrier while also reporting double-digit growth in its latest financial results.

Spurrier, who has been at Alternative Networks for 16 years, is stepping down from his position of chief executive and director of the company at the end of the comms provider's financial year on 30 September 2015.

Alternative Networks announced that Mark Quartermaine, the firm's chief operating officer, will replace Spurrier when he retires.

James Murray, executive chairman of Alternative Networks, said Spurrier has been instrumental in the progress of the London-listed firm.

"Edward has been a driving force behind the development, growth and success of Alternative Networks. As a director, he has led our strategy of organic and acquisitive expansion, which has transformed the business from a telecommunications reseller into a thriving technology managed service provider," he said.

Alternative Networks also unveiled its financial results for its first half of 2015 which saw revenue growth thanks to the "successful integration" of Control Circle and Intercept IT, which were snapped up by the VAR in January 2014.

For the six months to 31 March, the VAR's adjusted EBITDA was at £10.27m on revenues of £73.96m, which jumped 17 per cent year over year.

Speaking of the results, Spurrier said: "Alternative Networks has delivered another strong performance. The comprehensive service offering which we are now able to offer to customers is proving compelling.

"We have been able to increase the number of services we provide them, and are also better placed to attract new customers across a broader cross section of the market, covering the entire communications and IT spectrum."

"At the same time, we have upgraded our physical and technical infrastructure, a seamless and controlled process which is enhancing all functions of our business, both internal and customer-facing."

This "upgrade" included the VAR's move to new headquarters in Southwark, which was announced last week.

Alternative Networks also reported that it has reduced its debt "in line with the board's expectations" from £40.8m in January 2014 to £30.1m on 31 March 2015.

Breaking down the results, the Advanced Solutions division, into which InterceptIT and ControlCircle were integrated, saw reported revenues jump by 52 per cent year over year to £37.2m.

Looking forward, Alternative Networks said it plans to continue to look at acquisitions where appropriate.

"We continue to pursue a twin-track growth strategy, combining organic growth with strategic acquisitions," Murray said.

"With regards to future acquisitions, our strategy remains unchanged, although the immediate focus is ensuring that, having fully integrated Intercept IT and Control Circle, we maintain the momentum that the addition of these businesses has created."

"Nevertheless, the board will always consider other strategic acquisitions which complement the existing business, or, where appropriate, bolt-ons. The strict criteria of fit, value-add and price, which has served us so well thus far, will continue to be applied," he added.