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LONDON (Alliance News) - Business services group Motivcom PLC Friday warned that trading in the first half of the year has been below expectations, and that one of its subsidiaries has not retained one of its clients.
Motivcom shares were quoted down 16% at 114.00 pence Friday morning.
AIM-listed Motivcom said although the level of its order intake in the first of half of the year remains satisfactory, the delivery of much of this work is heavily weighted into the second half of the year.
"As the group only recognises profit on the events and sales promotions business when the event has taken place or the promotion has started, this is expected to significantly impact the outturn of the first half of the year," it said.
Motivcom also said that following a protracted tender process, Zibrant Ltd, one of the its major subsidiaries in its meetings and events division, has been notified that it has not retained one of its significant clients and services Zibrant was providing to the client will cease in November.
Nonetheless the company said it remains "cautiously optimistic" about the its prospects, assuming no material change to the economic environment.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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