Sopheon shares slide following drop in interim revenues
Shares of software services provider Sopheon slumped on Wednesday after it reported a significant year-on-year decline in interim revenues.
FTSE AIM All-Share
741.44
11:10 19/04/24
Software & Computer Services
2,335.95
11:09 19/04/24
Sopheon
990.00p
16:55 19/02/24
Sopheon warned investors that revenue looked set to fall 14% in the six months ended 30 June to $13.7m as the delay of sales licenses impacted its performance.
While underlying earnings more than halved to $2m, Sopheon still expects full-year revenues to be similar to the $33.9m recorded in 2018, with current revenue visibility for the full year standing at $24m.
The AIM-listed company also increased its sales pipeline value by 48% , saying there was a "large number" of prospective sales that it was confident of closing.
Net cash grew from $16.7m to $18.7m.
As of 1045 BST, Sopheon shares were down 14.89% to 800p.