Alterian soars despite revision

 
Steve Dinneen
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SHARES in marketing software provider Alterian surged over 17 per cent yesterday to close at 113p despite the firm saying its revenues would be lower than previously thought.

The market was buoyed when the company, which counts AstraZeneca and Jaguar Land Rover among its customers, did not issue a third profit warning in a month in its latest trading update.

It now expects revenue to be around £37m and says that profits will be flat on last year.

Chairman Keith Hamill said: “In spite of this serious setback, I still believe that the company has good and competitive products addressing good markets and many very able people.”

Alterian stock slumped more than a third last week after its second profit warning in just over a week.

It said its full-year results would be “materially lower” than anticipated.

Earlier this month its shares lost almost a fifth of their value after issuing a profit warning owing to the delay of a £4m licensing contract, which will cut ten per cent off its full-year revenues and profits.

The bombshell led to the resignation of its founder and chief executive David Eldridge, who had led Alterian since founding it 14 years ago.