SPE.L Share News (SPE)

(Sharecast News) - Software and services provider Sopheon said it still expects a heavier second half weighting to its annual performance, even as certain contract opportunities expected for the fourth quarter got pushed out to 2020.
Sopheon entered the traditionally busy final quarter with more than $30m in opportunities, almost half of which related to Software-as-a-Service deals.

The AIM-listed group said overall revenue visibility for the year stood at $28m, with $9.9m in remaining opportunities with 2019 target close dates.

However, while Sopheon said December was traditionally "a very busy month", the group did caution that its ability to execute on this was dependent on customers signing orders consistent with their plans and unexpected internal delays.

With this in mind, Sopheon warned that a number of opportunities previously expected to sign in the fourth quarter had shifted to 2020.

Sopheon stated said this had not led to a reduction in the overall size of its pipeline but rather a shift in the timing of conversion.

Chairman Marry Mence said: "The board continues to believe that Sopheon is uniquely well placed to secure a leading position in the new and rapidly emerging enterprise solutions space of strategy execution management.

"Nevertheless, as a disciplined business, we have continued to tune costs in line with revenue wherever possible, while mindful of maintaining drive behind our strategic priorities."

As of 0850 GMT, Sopheon shares had fallen 10.87% to 615p.