29th Apr 2016 08:41
LONDON (Alliance News) - Data centre provider CSF Group PLC on Friday said its results for the year to the end of March are set to miss its expectations and be below the outcome for the previous year.
CSF said it experienced pressure on rental rates from its data centre customers in the second half of the financial year, coupled with a slowdown in payments from some customers.
As a result, its results will miss its previous expectations for the full year. CSF reported a GBP5.9 million pretax loss in the year ended March 31, 2015, which was significantly narrower than its GBP23.7 million loss in financial 2014 despite revenue falling to GBP15.0 million from GBP18.9 million.
In addition to these challenges, CSF said while its restructured its lease rental terms on its data centres, this only became effective at the start of the fourth quarter, meaning it was subject to higher rental rates in the first nine months.
Shares in CSF were untraded on Friday, having last traded at 1.50 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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