The only UK telecomms operator that can offer a nationwide service independently of BT's network has admitted it is not meeting its ambitious targets.
Ionica uses radio waves to deliver calls, so that it does not have to rely on BT to carry calls on its fixed wire network, unlike other non-mobile operators. Yesterday it admitted it is having problems and has overhauled its board in a bid to get back on track.
The company was floated on the London Stock Exchange last July amid much fanfare, as it planned to create a national network to compete with BT?s. On the first day of its flotation, each share was worth 390 pence. This week it dropped to 91.5 pence.
Company officials blamed a protracted network roll-out, and an increase in subscribers terminating agreements because of credit problems. It also failed to offer adequate capacity to certain customers because of software upgrade delays.
It said it will seek outside help to roll out the national network and will tighten its expenditure, including axing 100 network implementation jobs.
At the top of the company, founder Nigel Playford relinquishes executive control to Mike Biden, who has been installed as chief executive. Playford is now deputy chairman.
Three new executives joined the board while three others resigned. The company said it is soon to announce three new senior appointments, including a finance director. The directors who resigned are former finance director, John Edwards; commercial director Derek Laval; while Bob Lindsey left the board to head up Ionica?s cost savings projects.
Playford said: ?I believe that this is the right time for the executive management of Ionica to become the responsibility of an individual with a strong operational track record.?
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