29th Jul 2019 11:59
(Alliance News) - i-nexus Global PLC on Monday said it remains confident for the future despite revenue no longer being expected to meet annual forecasts.
i-nexus shares were trading 29% lower on Monday in London at 24.50 pence each.
The company provides strategy execution software for corporate clients. It said a number of new sales secured in the third quarter of its current financial year have not converted at the rate required to meet revenue expectations for the financial year as a whole. As a result, both total recognised revenue and closing cash balances will be below expectations.
Despite that, i-nexus said it expects its earnings before interest, taxes, depreciation, and amortization for the year to be in line with current expectations.
"Whilst the slower than anticipated rate of conversion is disappointing, the board remains confident that the strategy being pursued by the group is right to support the acceleration of growth anticipated in future periods," i-nexus said in its statement Monday.
The company will issue a pre-close statement for the year to the end of September in the second half of October, it said.
Related Shares:
I-nexus Global.