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ATTRAQT Group expects lower revenues for 2017 after review but sales pipeline remains strong

The revised forecasts come after a review, at management's request, following Eric Dodd's appointment
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ATTRAQT specialises in onsite search, online merchandising and eCommerce

Online merchandising specialist ATTRAQT Group plc (LON:ATQT) told investors it now expects revenues to be below previous expectations but still showing organic growth, while its sales pipeline remains strong.

The revised forecasts come after a review at management's request following Eric Dodd's appointment as finance chief at the beginning of September.

READ: ATTRAQT Group surges as top line goes ballistic after Fredhopper acquisition

The review uncovered inaccuracies in forecasting the timing of certain contracts and client "go-live" dates, it said.

Revenues for 2017 are now expected to be around 10% below previous expectations but still showing year-on-year high single digit organic growth and to be EBITDA (earnings before interest, tax, depreciation and amortisation) positive in the second half as well as being broadly breakeven for the year as a whole.

The lower revenue run rate at the end of 2017 will carry forward into 2018.

ATTRAQT said its sales pipeline remained strong, with it continuing to win new client logos and sell upgrades to its existing clients.

It is confident that the forecasting around the timing of contract wins has now been resolved, it said.

READ: ATTRAQT appoints new chief financial officer

The firm has a strong order book of £2mln annualised contract value and the management is working on a plan to resolve delayed "go-live" dates.

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Attraqt Group PLC Timeline

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