Endace warns on full-year profits

Networking marketing solutions provider Endace has said that revenue for the year ended March 31st is expected to miss market expectations by around 10 per cent due to slow decision-making by a number of clients.

Despite reporting an "excellent" performance in the first half, the company said that budget restraints, particularly in the UK government customer base, have resulted in a shortfall of expected purchases.

Endace forecasts a pre-tax profit of $1m after adjusted for share options and a year-end cash balance of $4m.

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"Looking forward, whilst the board notes the continuing uncertain economic outlook, it remains confident in the prospects for the business given the technological leadership in its chosen markets, the strength of the pipeline, the continued growth in annuity income, and its expanding Enterprise customer base," the statement said.

BC