23rd Apr 2020 12:02
(Alliance News) - Alfa Financial Software Holdings PLC on Thursday said it met its full year guidance, though 2019 earnings slipped.
The company, which provides software to the asset finance industry, reported a 9.2% fall in revenue to GBP64.5 million from GBP71.0 million.
Pretax profit in 2019 sunk by 42% to GBP13.0 million from GBP22.5 million.
Alfa Financial said: "2019 was a challenging year for the group. Whilst we fell short of our budgets for the year, revenue was in line with our revised expectations."
Chief Executive Officer Andrew Denton added: "It was disappointing that revenue and operating profits declined year-on-year, because of delays in anticipated implementation projects, as well as reductions in discretionary spend by customers.
"The medium- and long-term prospects for Alfa remain compelling with a number of pipeline opportunities across our target markets."
Alfa Financial said some new contracts in the US have been cancelled due to the Covid-19 outbreak. It was also been asked by other customers to reschedule work.
"At this stage we expect to be able to redeploy most of our people to satisfy other customer projects. We will continue to monitor and actively mitigate any challenges by careful resource allocation," Alfa Financial added.
Shares in the company were 4.7% lower at 79.00 pence each in London Thursday midday.
By Eric Cunha; [email protected]
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