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02 May 2019 | 09:14

Cerrillion expects weaker first half, says performance will be 'significantly' second-half weighted

Cerrillion warned of a weaker first half, but it expected annual results would be 'significantly weighted' towards the second half as the company looked to wrap up new deals. Given the timing of contract closures, first-half revenue was expected to be approximately £7.0m, below the £8.4m a year earlier. Adjusted earnings (EBITDA) would be approximately £0.4m, well short of the £1.6m reported last year.

'Trading in the first six months of the financial year has been encouraging, with a major new contract worth an initial USD 6.8 million signed in February and additional major contracts worth in excess of £10.0 million, progressing to final stages,' the company said. Once signed, these contracts would make a substantial contribution to the second half, with profitability in particular benefiting from the significant high margin licence components, the company added. 'Accordingly, the Board anticipates that the Group's results for the current financial year will be significantly weighted towards the second half, and that the Company remains on track to meet current market forecasts for the full year,' the company said.

At 9:14am: (LON:CER) Cerillion Plc share price was -8p at 161p

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