Arcontech Group PLC - real-time financial market data product and service provider - Says trading performance has fallen below market expectations due to one customer reducing its market data spend with the company and another customer not renewing their contract from the start of the second half of 2022. Concludes that this will lead to a loss of annual revenue of about GBP300,000. Says reductions will take effect at the beginning of the second half. Half of loss will be in the current financial year. Still notes a "healthy" sales pipeline. Asserts it's well-positioned to deliver further growth and absorb lost business as pipelines "matures."
In September, Arcontech reported a pretax profit of GBP1.0 million on revenue of GBP3.0 million for the year ended June, 30. Revenue and profit for this year were anticipated to remain flat with any growth not fully reflected in their results until financial 2022/23.
Current stock price: 101.00 pence, down 20%
Year-to-date change: down 47%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Arcontech Group (ARC)