20th May 2015 09:01
LONDON (Alliance News) - Publishing Technology PLC Wednesday said it will book a further charge in its 2014 results related to future losses on a legacy contract.
The publishing software and services company said the onerous contract will drive a further GBP1.1 million writedown in its 2014 results, which it expects to publish by the end of this month.
In January, the company said it expected its 2014 results would materially miss market expectations, though this was attributed to higher investment and a realignment of its revenue recognition.
The group said it is confident on its outlook for 2015 and does not expect the losses on the contract to result in further issues in the future.
Publishing Technology expects to post revenue of GBP14.4 million for 2014, and a pretax loss of GBP4 million. That would compare with GBP16.9 million in revenue and a GBP0.7 million pretax profit in 2013.
Shares in the company were down 11% to 155.00001 pence Wednesday morning, one of the worst performers in the AIM All-Share index.
By Sam Unsted; [email protected]; @SamUAtAlliance
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