1st Jun 2018 14:42
LONDON (Alliance News) - Shares in Alfa Financial Software Holdings PLC plunged Friday as the company said a major customer has delayed its implementation project.
Alfa Financial shares fell 37% 198.00 pence each on Friday.
The company said it is "satisfied" the delay relates to an issue with the customer's internal systems, and it expects the project to restart in early 2019 once these are resolved.
"In addition to this, a potential new customer has significantly increased the geographical and functional scope of the project, and one of our larger existing customers seems likely to extend its decision point regarding the expansion of another major contract," the company also said.
Alfa Financial said the delay will have a "significant" impact on its first and second half trading. As a result, the company revised its 2018 revenue guidance to between GBP71 and GBP75 million, with revenue for 2017 coming in at GBP87.8 million.
Earnings before interest and tax will be "materially below management's previous expectations" the company said.
It is to release results for the half ended June on September 4.
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