Second warning on profits in week sees Alterian stock drop

 
Steve Dinneen
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ALTERIAN stock slumped more than a third yesterday after its second profit warning in just over a week.

The marketing software provider said its full-year results would be “materially lower” than anticipated.

An Alterian spokesman said: “The expected further shortfall arises from both revenue and routine operating costs in comparison with market expectations.”

Earlier this month Alterian 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.

A smooth changeover looks unlikely, with chief financial officer Guy Millward said to be wary of stepping up.

The company, which counts AstraZeneca and Jaguar Land Rover among its customers, has seen its share price decline rapidly over the last three months.