9th Jun 2014 08:00
LONDON (Alliance News) - Shares in Escher Group Holdings PLC dropped 19% early Monday after the company said it will now recognise just under a third of outstanding licensing revenue of USD6 million in the first half of 2014, due to a customer roll-out taking longer than expected.
The software company now expects to realise USD1.8 million of the total outstanding revenue in the first half of 2014, with the remainder pushed back into the second half.
Escher said the customer, which it didn't name, is rolling out Escher's software to its post office network. It said it remained confident the customer will have deployed the software to enough workstations to trigger the full license payment by the second half.
"Our software is currently live in a number of the customer's post offices and the roll-out is expanding on a weekly basis," said Chief Executive Liam Church in a statement. "We continue to support the customer in a large and complex software deployment exercise."
Shares in Escher Group were trading down 19% at 265.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Escher Group Holdings