Rapid Technology, which is involved in producing keyboards, has reported losses of IR£2.3m for the year to the end of June, compared with a £1.5m loss in the previous year.
After a review of its structure and product lines, there was an exceptional charge of £500,000 linked mainly to the writing down of the value of some of its assets.
The company's turnover grew by 68% to £1.3m, though there was a fall in licensing income.
A company statement said the group has underestimated the time scales for the business, and that 'a change of emphasis' was needed. As a result, a number of directors are stepping down, to be replaced by a new management team.
Brendan O'Sullivan, former managing director of Apple Europe, has joined the board as CEO. Mike Newton, former vice-president of Dell UK, has been appointed as a non-executive director, while Cormac Molloy becomes finance director.
