The finance director and company secretary of the CNG Travel Group resigned yesterday, just a year after the company floated on the Alternative Investment Market (AIM) in London.

Ronnie Culliton, who was recruited to help guide the company through the initial public offering, wishes to devote more time to other interests, according to a statement issued by the firm.

A company spokesman said the resignation was anticipated for some time and was not a surprise. A new finance director would be appointed shortly, he added.

However, shares in the company tumbled almost 6 per cent to close at 56.5 pence, a drop of 3.5 pence, following the news.

CNG Travel Group, which is based in Tralee, Co Kerry, has had a difficult year since it floated last May. In November, it issued an earnings warning, which saw its losses rise to $5.5 million (€4.2 million) for 2004, from $1.5 million in 2003.

However, the online travel company managed to increase its turnover from $28.2 million to $54.5 million in the same period.

CNG was founded in 1999 and employs more than 350 people in Europe and the US.