4th Nov 2013 13:05
LONDON (Alliance News) - Shares in Idox PLC dropped 16% after it said Monday that, despite a stronger second half, its full year earnings before interest, tax, depreciation and amortisation would fall short of guidance it gave in May by up to 20%.
The company said that its engineering information management division's performance fell short of expectations, although its public sector and solutions divisions traded in line with expectations.
Idox said it has carried out an internal review and is in the process of taking remedial action. William Edmondson, the company's previous chief financial officer, resigned in August. It anticipates that it will name a new chief financial officer shortly.
Idox produces software and services for the public sector in the UK. Shares in Idox were trading down 16% at 31.85 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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