Microgen drops on contract delays
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.
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
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Scammers steal over £600 million from Brits - how to protect yourselfFraud cases in the first half of the year surged by 17% compared to the same period in 2024. Is your money at risk?
-
Financial support for carers: what can you get?Unpaid carers miss out on an average £6,400 a year in annual salary by cutting work to support loved ones. We explore benefits that can plug the financial gap.
