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.
Subscribe to 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
-
Are corporate bonds a good bet?Corporate bonds pay a slightly higher yield than governments, but spreads aren’t generous by past standards.
-
UK millennials are worse off than previous generations
The evidence shows that millennials today are getting a raw deal. And, ultimately, that's a political choice.
