ARQ Group fires CFO

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ARQ Group fires CFO

Embattled reseller ARQ Group has terminated the employment of its chief financial officer Fraser Beasley.

In a statement to the ASX, the company announced it had appointed Brendan White interim CFO. White previously held the title of group financial controller at the company.

The IT services company has struggled in recent years and sold its enterprise business for $35 million in February to manage debt and has been trying to offload its SMB division as well.

For the full year ended 31 December 2019, Arq posted an after-tax loss from continuing operations of $43.7 million, up from $15.4 million the previous year. With accounting adjustments taken into account, the losses balloon to $129 million - compared to a $2.5 million loss in 2018.

Revenue was down 16.5 percent to $83.6 million, compared to $100 million in 2018, while underlying EBITDA was down 3.7 percent to $14.8 million.

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