K3 Business Technology Group, a Manchester-headquartered company providing ‘made-to-measure’ software solutions for the fashion and retail industry, is set to de-list from the AIM market of the London Stock Exchange. The decision follows the sale of its NexSys Solutions subsidiary to global ERP software provider SYSPRO for £36m in cash. As a result, K3 plans to return £29m to its shareholders.
The company, which has offices worldwide and serves over 3,000 customers across 20 countries, saw a decline in revenue from continuing operations to £23.2m in the 12 months to November 30, 2024, down from £31.3m in the previous year. Despite this, adjusted operating losses narrowed to £1.1m from £1.4m.
K3 is led by CEO Eric Dodd, who joined the company as CFO in April 2023 and later replaced Marco Vergani as CEO. The company has announced that it does not plan to appoint a successor to Dodd when he retires at the end of September. Instead, the remaining business unit heads will report directly to the board.
The company’s business model includes both a products division and a third-party solutions division. With its shares proposed for cancellation from public trading, K3 is set to operate as a private entity following the delisting process.
