Grafenia Plc announced the sale of its Dutch subsidiary and a number of Board changes. Following the disposal of Grafenia BV, in the short term, the scale of the Group's operations will materially reduce. Accordingly, and by mutual agreement, Tony Rafferty has decided to step down as Chief Executive and to leave the Company. He will be available to assist the Group during the transition period and intends to retain his equity stake for the foreseeable future. The Board announced that it has appointed Peter Gunning as acting CEO. Peter has been the Group's CTO for the past 5 years and, prior to that, the Group's Operations Director with responsibility for Operations, Marketing and systems development. The Board also announced the appointment of Conrad Christian Bona as a Non-Executive Director. Conrad is an experienced entrepreneur, investor and business consultant who has been involved with numerous complex commercial and financial transactions across a wide range of sectors. is currently a director of Grayshott Limited.

Trading softened during July and August, although September was in line with internal budgets. As previously stated, the Board anticipates the current year's results will be second half weighted. Taking into account the relative weakness of the Euro, first half underlying earnings will be modest. Trading in the second half of the year for the Group's continuing operations is anticipated to be in line with the Board's expectations. However, the weakness in the first half is likely to result in underlying earnings for the full year being materially lower than previously expected on a like-for-like basis.