Richard Allely has resigned from his role as chief executive and managing director of Australian contract heatset printer PMP, just over a month after it announced losses doubled to $24.5 million for last year.

An announcement on Friday said Allely would leave the company in 12 months (September 30, 2013) although his contract runs until June 30, 2014.

“I want to further my career as a non-executive director and I believe that by giving 12 months notice I have given the board the time to manage a smooth transition to my successor,” he said in a statement.

The board of PMP will meet within the next two weeks to discuss the issue of a successor.

In August, the company – Australia’s biggest printer – reported that operating revenue had dropped by 8.4 per cent to $1.1bn. Trading results for March were about 20 per cent below forecast and expectations for the fourth quarter were also down, thanks to lower-than-expected volumes.

It announced plans to take a quarter of its web presses out of commission, but will continue with the installation of a 96pp manroland Lithoman in WA. Non-executive director Peter George resigned at the time and has been appointed chief operating officer.