Two depart as ACT shares slide
Tuesday 31 January 1995
The warning was the company's second in this financial year. Last June, ACT said trading this year would be adversely affected by the restructuring of its financial products division. The group made £28m before tax last year.
ACT has grown rapidly by acquisition in the financial software field, but it is the original business in the UK that has caused its problems. The acquired international operations, which account for about two-thirds of profits, are trading healthily, according to the company.
Kieran Nagle, who ran the banking software arm based in Dublin, moves up to become group chief executive. Roger Foster, who founded the business, remains executive chairman.
Mr Foster said that the integration of the group's two international divisions with the UK business left no room for Mr Hart, or for Paul Newton, the director who ran the second leg of the international operations.
Mr Hart, was on a three-year rolling contract at a salary of £220,000 a year, while Mr Newton's two-year rolling contract paid £150,000. Mr Foster said he expected any settlement not to reach the total entitlement of almost £1m.
The restructuring, aimed at attacking the cost base, will result in a further 60 redundancies.
- 1 Malaysian cyclist could face disciplinary action after 'Save Gaza' gloves protest
- 2 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 3 Fifty Shades of Grey trailer provokes moral outrage from US parenting groups
- 4 McDonald’s removes chicken nuggets from the menu in Hong Kong amid major food scare
- 5 Students offered grants if they tweet pro-Israeli propaganda
Israel-Gaza conflict: Israeli targeting policy under scrutiny after shellfire hits a mother and child, a school full of refugees and a doctor’s home
MH17 crash: Investigators discover more human remains and 'huge section of plane'
Students offered grants if they tweet pro-Israeli propaganda
McDonald’s removes chicken nuggets from the menu in Hong Kong amid major food scare
Satellite full of sexually experimental geckos adrift in space, Russia loses control of mission
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
John Barrowman praised for Commonwealth Games opening ceremony gay kiss
iJobs Money & Business
£600 - £650 per day: Orgtel: Conduct Risk Liaison Manager - Banking - London -...
£18000 - £23000 per annum + Comission: SThree: SThree, International Recruitme...
£280 - £300 per day + competitive: Orgtel: Test Analyst, Edinburgh, Credit Ris...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...