HNT.L Share News (HNT)

The chief executive officer of communications group Hunstworth has stepped down, sending the share price soaring by more than 15% on Monday.Lord Chadlington's plans for departure were announced alongside the group's half year results, which revealed a drop in both turnover and profit. Chadlington has said he will leave his position once a suitable successor has been found. Looking ahead, the group expects to see improvements in the second half of the year, which it anticipates will continue into next year. Profit before tax fell from £8.3m to £6.3m on revenue of £83.1m, which declined 6.5% from £88.9m a year earlier. Basic earnings per share declined from 2.6p to 1.5p. The group's operating margin after central costs decreased to 10.7% compared to 14.0% in in the first half of 2013.Chadlington: "At the 2013 year end we reported that we would continue our investment programme for a second year in order to build multi-office business, to increase our digital revenues and to increase revenue growth in the US, the Middle East and Asia Pacific, thereby reducing our high dependence on the UK and Europe. "While the pace of these increases in the first half has been slower than we hoped, we are making some good progress, which we expect will continue in the second half and accelerate in 2015." He added that he had been intending to stand down for some time.The interim dividend was maintained at 1p a share.In the view of Numis, the stock is a 'buy' based on the progress made in repositioning the business and the group's "solid" balance sheet. The group also announced that its chairman, Lord Myners, has purchased 100,000 shares in the group at 47p each. Shares had climbed 19.51% to 49p by 15:57. NR