Alterian shares fall 30pc after profit alert

 
City A.M. Reporter
Marketing software provider Alterian issued a second profit warning in just over a week, and said its full-year results would be materially lower than anticipated.

Its shares plunged by 30 per cent after the announcement.

"The expected further shortfall arises from both revenue and routine operating costs in comparison with market expectations," the company said in a statement.

Alterian, which supplies software to government, retail and financial-services sectors, said it would make a detailed statement on 18 April.

On April 4, the company had said it expected significantly lower profit for the full year due to a delay in a licensing contract, prompting Chief Executive David Eldridge to resign.

The company had said revenue for the full year would be 10 percent below market expectations of £42-44m.

The contract, which was expected to be signed before Alterian's year ended on March 31, was deferred after the client made management changes.