Gresham Technologies plc (LON:GHT) shares slid in lunchtime trading Wednesday after the group cut its revenue guidance due to contract delays.
The software services group said in a trading update that it expected revenue for the half-year to be 5% lower than the same period last year, although its adjusted underlying earnings (EBITDA) were expected to be “broadly in line with expectation”.
Despite the cut in guidance, the company added that it remained confident in its full-year outlook and that its planned investment in sales, marketing and alliances had proceeded well in the first six months of the year.
Acquisition completed
In a separate announcement, Gresham said it had completed its acquisition of bank-to-corporate software firm B2 Group for €8.5mln.
Gresham said the acquisition would add cash management and payments integration solutions to its portfolio and thus would increase its addressable market and supported its strategic plan to create a global enterprise financial technology business.
Gresham shares were down 12.4% at 172.5p.