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Cloud software company K3 said it expected full-year results would be significantly below current market expectations after a major new contract in the final process of agreement was put on hold and a large customer entered into administration.
The company cited other adverse factors that had led to downgrade on outlook including certain customers choosing to purchase additional software licence tranches at a slower pace than anticipated.
In light of these softer trading conditions, management had taken a cautious view of the outcome for the financial year, and currently estimates that the Group's adjusted operating profit for the year will be approximately £1.5, the company said.
'Looking into the next financial year and beyond, the board is optimistic of the company generating much improved levels of profitability and cash generation,' the company said.
At 8:41am: (LON:K3C) K3 Capital Group Plc share price was 0p at 148p