Revenues sag at Sagentia as medical project suspended

The research and development consultancy, Sagentia, has issued a warning on 2012 revenues after a big project with a north American medical start-up was suspended.

Sagentia says the suspension will see revenues in the first half of 2012 coming in lower than the second six months of 2011. The group also expects revenues for full year 2012 to be below 2011.

The group's update maintains: "Actions have been taken to mitigate this event and these have been effective in enhancing operating margins. As a result for the full year, while revenue will be lower than last year, profit is anticipated to be in line with the Board's expectations."

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Investors are clearly rattled, the stock had fallen 11% by 10:18.

BS