RE: Founders and fund managers27 Aug 2025 16:04
Sorry Laura, you keep missing the next 2 paragraphs. Here they are, for balance!
"However, whilst management had previously assessed that its diversified tier-1 and prime customer base would be resilient ahead of publication of the SDR, it is now clear that a number of existing and prospective customers have delayed or reduced their short-term spending and development activity which has negatively impacted demand for the Company's services in recent months. The Board now expects that this situation will not unwind immediately and that the impact may be sustained for the next few months while existing and potential customers assess their needs and budgets in light of the findings of the SDR.
Furthermore, during the IPO process, responsibility for the day-to-day operational control of the business, including Sales, was handed over to the Company's COO & Co-Founder, Daniel Clark. It has however recently become clear that the newly expanded Sales team has not been able to convert a strong pipeline of leads into revenue-generating contracts at the rate expected by the Board. This includes the new contracts that, as announced in the Company's interim results on 17 April 2025, had been booked as anticipated revenue for FY25, but is now expected to be generated in FY26."