(Alliance News) - Software services provider Sopheon PLC's shares fell sharply on Wednesday morning after it said its half year revenue fell significantly year-on-year.
Shares in the company were down 20% at 750.00 pence each in London on Wednesday morning.
In the six months to June 30, Sopheon said it expects a revenue to fall 14% to USD13.7 million compared to USD15.9 million the year prior. The company said the delay of some sales licenses impacted its half year revenue.
Its earnings before interest, tax, depreciation and amortisation more than halved year-on-year to USD2.0 million from USD4.1 million.
The company said however that it still expects revenue for the full financial year to be similar to 2018's USD33.9 million.
Sopheon said that current revenue visibility for the full year stood at USD24.0 million.
The company has increased its sales pipeline value by 48% and there are a "large number" of prospective sales that it is confident that it could close, Sopheon said.
Sopheon increased its net cash balance to USD18.7 million from USD16.7 million from the end of December.
It will release its report for the first six months of trading on August 22.
