Business: CSG’s Chairman Resigns

Stephen Anstice has resigned from his position as non-executive director and chairman at CSG after three years in the company.

The IT and managed print services provider told shareholders on Tuesday that Anstice, who is also currently serving as non-executive director at PMP Limited, is leaving due to personal reasons.

Bernie Campbell will serve as interim chairman until the company finds permanent replacement for the two posts.

“Stephen has made a significant and lasting contribution to CSG since being appointed as a non-executive director in August 2014 and Chairman in February 2016,” said Campbell in a statement.

“The board respects his decision to step down and wishes him well in the future.”

The announcement came after reports of plummeting profits. In February, the company wrote its 2018 revenue guidance down by $7 million to $253 million due to lower than expected print equipment sales.

“While we are disappointed with our print sales execution, we are pleased with the strong growth in technology with high value subscription seats closing at 19,184 as at 31 December 2017, representing organic growth of 44 per cent relative to the prior corresponding period,” said managing director and CEO Julie-Ann Kerin.

“The technology business will represent approximately 25 per cent of group revenue at the end of FY2018. We remain confident in our growth strategy and the long-term opportunity for the business.”

For the second half of this year, CSG is anticipating a $143 million revenue as well as $16 million in EBITDA.