Following the recent departure of chief executive Simon Woodward IPTV technology firm ANT has revealed that full year revenues and profit will be lower than expected.
The shares fell 12% to 16p a share, valuing ANT at £3.89m.
Interim revenues will be higher than the £2.14m reported in the first half of 2011. There was a significant royalty payment in the first half.
However, licence revenues are significantly lower and this has been exacerbated by higher costs relating to a major contract.
There was £4.24m in the bank at the end of 2011 but this will have been reduced by cash flowing out of the business in the first half.
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