LONDON (Alliance News) - Shares in Digital Barriers PLC slid 18% Thursday morning after it warned that its full-year pretax loss will be around 40% wider than the previous year, as revenue is expected to drop "slightly".
Revenue has been hit by delays in procuring customers and in releasing new products to meet demand. The surveillance technologies company said that it now expects revenue for the year ending March 31 to be below the previous year, when it posted revenue of GBP23.3 million.
Digital Barriers posted an adjusted pretax loss of GBP7.6 million in the previous year.
Despite this warning, Digital Barriers reiterated its goal to reach break-even in the year ending March 31, 2015.
Digital Barriers expressed confidence in achieving this aim, citing a strong pipeline that is expected to boost revenues in the next financial year, and the increased focus of its cost base on a number of strategic products.
"Despite these delays, we still have a very strong sales pipeline and product portfolio which should lead to material progress in the coming months," said Executive Chairman Tom Black in a statement. "The strategic opportunity for Digital Barriers remains unchanged and the board remains optimistic about our longer-term prospects."
Shares in Digital Barriers were trading down 18% at 115.50 pence late Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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