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Portrait Software

  • BY: Andrew Hore |
  • POSTED: 15/10/2008 |

Nominated adviser and broker Teathers has suspended its coverage of Portrait Software following the software company’s poor trading statement.

Portrait shares slumped 3.25p to 4.5p each, which values the company at £5.33m.

Portrait says that its revenues will be 9% higher at £6.9m in the six months to September 2008. That was helped by an acquisition and masked a poor finish to the second quarter.

Management warns that there could be a reduction in IT spending and the second half revenues are uncertain.

Portrait has a strong recurring revenue base but it is cutting costs in anticipation of a downturn in overall revenues.

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