NEWS13 April 2011

Alterian issues more bad news on financial results

Financials UK

UK— Alterian has issued a new profits alert, warning investors that its results for the most recent financial year are going to be even worse than expected.

David Eldridge, the CEO and founder of the marketing analytics software firm, had already resigned over the earlier announcement that revenue would be around 10% lower than the £42m-£44m forecast range because one of its major clients had not renewed a licensing contract.

Now the board says that following an initial review it believes the “outturn for the the financial year ended 31 March will be materially lower than that implied by the announcement of 4 April”.

It says the further shortfall “arises from both revenue and routine operating costs in comparison with market expectations”.

A more detailed statement is expected next week. Shares in the company were trading down 35% this morning.