30th Sep 2013 08:03
LONDON (Alliance News) - Access Intelligence PLC Monday warned that revenue growth and operating profit in the current financial year will be below market expectations, causing its shares to decline sharply.
In a trading statement, Access said it expects to report revenue growth of about 5% to GBP8.4 million in the current financial year, meaning that while earnings before interest, tax, depreciation and amortization will be ahead of last year, it will be below market expectations.
The software-as-a-service company will report final results for the financial year ending November 30 in March.
It blamed weaker trading in one of its divisions for pushing revenue growth below hopes, but didn't give any details.
"Despite the significant investment in the York Development Centre on product innovation that is expected to drive growth for 2014 and beyond, cash flows remain robust with the year-end cash expected to be approximately GBP1.2 million," it added.
Access Intelligence Shares were down 25% at 2.062 pence early Monday, one of the biggest declines on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
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