Administration software firm Microgen saw its shares lose seven per cent of their value after it said a number of deals in the financial sector were taking longer to complete than expected.
This meant revenues in the second six months of 2012 were now expected to be around 10% lower than the first half of the year.
"Opportunities [in the Financial Systems Division] continue to progress although, due to the market environment, particularly within the financial services sector, a number of these have advanced more slowly than anticipated," the firm said.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
However, it added that due to the group's "conservative operational approach", earnings for the second half were expected to be consistent with the first part of the year.
Microgen said there had been no significant changes since 1st July in its financial position and its balance sheet remained strong.
Following payment of the interim dividend of £0.9m in August, the group had net cash of £26.3m at the end of Ocbtober, compared to £27.1m at the end of June
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyersRachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
-
Average Brits want to retire five years before they can – who has the widest retirement gap?Brits are expecting to work for longer than ever but there are big disparities in the number of extra working years predicted. A small tweak could help close the gap
