Service Power Technologies issues profit warning

Shares of aim listed outsourcing software developer ServicePower Technologies sank 22 per cent after it warned it will not achieve market forecasts for the year ending December 31st 2012.

The warning comes after 'protracted negotiations in several significant contracts' in the wake of client restructuring.

As a result, the group expects to make a loss for the year.

"The board expects the contract negotiations to be concluded in the early part of 2013 and will update investors in January on progress and provide a more detailed update on trading at that point," it said.