PHD.L Share News (PHD)

(Sharecast News) - Shares in spend management eCommerce solutions provider Proactis fell on Thursday after the group issued a profit warning following a period of lower retention levels and a deterioration of its pipeline in the US and Europe.Proactis told investors it was unlikely that it would deliver significant growth for the remainder of its trading year despite robust trading in its UK operations and the Esize Group.The AIM-listed outfit expects to report order intake of £5.8m in total contract values in the six months ended 31 January, a touch above the £5.5m seen a year earlier.Revenues were expected to rise 3% to £27.7m, including £1m of TCV and revenues of £2.8m from the newly acquired Esize Group.Following the departure of former chief executive Hamp Wall, newly appointed CEO Tim Sykes initiated an in-depth review of the group's US and European operations in order to ensure that its resources were focussed on the "considerable opportunities open to it in those territories".Sykes said: "Whilst the outlook for the next few months is disappointing, I am confident in our ability to deliver an improved level of performance in the mid to long-term."There remains much work to do before revenues can be expected but the commitment from HSBC UK is strong validation of the significance of the opportunity and their support for our business."As of 1050 GMT, Proactis shares had tumbled 47.35% to 59.50p.