Promotions and marketing group MKM lost nearly one-third of its value after it said that major contracts have been delayed.
These major contracts were with financial services businesses in the UK and Australia. This means the revenue won’t fall in the fourth quarter of the year to March 2008 and the results will be below expectations. Assuming that these contracts do come through they will be in the next financial year.
The shares fell by 1.875p to 4.125p.
Costs have been cut but this has cost £225,000 in one-off charges.
The deferred consideration for Australian business Leapfrog is likely to be 4m shares plus a further £600,000 which could be in cash or shares.
Leapfrog has designed a new product called Airport Angel and this will be launched in April.
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