News blog
Flomerics
- BY: Andrew Hore |
- POSTED: 09/01/2008 |
Electronic simulation software developer Flomerics says that profits will be below expectations and forecasts for 2008 will be downgraded.
Revenues for 2007 are broadly in line with expectations after a stronger performance in the second half. That isn’t good enough to produce the expected profits, though. Flomerics should make more than £1m profit for 2007, having lost £545,000 in the first half. Flomerics profit was £1.5m in 2006. These figures are pre-IFRS but the 2007 figures will be issued on an IFRS basis.
Poor initial sales of fluid dynamics software mean that expectations for 2008 will be lowered.
There was cash of more than £2.7m at the end of 2007. The £1.6m raised from the sale of the electromagnetic interference business will be paid in two stages during 2008.
The shares initially fell by more than 15% but by lunch time they were down 4p to 52.5p
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