In a trading update, the company said its profit before tax is expected to be “marginally lower than market expectations” for the year to 31^st July 2019.

The company attributed the forecast lower profits to its increased investment in a transformation plan and re-positioning its ‘communications and strategy pillars’.

The results for the year to 31^st July will be announced on 2^nd October.

Gross revenue for the full year is expected to be “marginally down” like-for-like, the company said, while it expects its net revenue to be up slightly compared to the previous year.

J Schwan, chief executive, said: “Innovation continues to power ahead and is increasingly recognised for the market leading solutions it brings to its clients. The work to re-position our strategy and communications pillars, as well as the increased level of investment in the connective growth platform will drive sustainable profitable growth in the new fiscal year.”