Source - SMW
ATTRAQT has lowered its full year revenue guidance after a review of forecasts found inaccuracies on the  timing of certain contracts and client 'go-live' dates.

The review was carried out at the board's request following Eric Dodd's appointment as finance director at the beginning of September.

The company said it now expected  revenues for the full year to be around 10% below previous expectations but said it would still show year on year high single digit organic growth and to be EBITDA positive in the second half of the year as well as being broadly breakeven for the year as a whole. 

It said the lower revenue run rate at the end of 2017 would carry forward into 2018.   A statement said: 'The delay in pipeline conversion is due to a number of significant new contracts closing but later than planned, and some other contract decisions being delayed. 

'Inaccuracies in estimating the period between engagement and the "go-live" dates have also been identified by the review.'

The company said its sales pipeline remained strong and it continued to win new client logos and sell upgrades to its existing clients. 

It said management was confident that the forecasting around the timing of contract wins had now been resolved.   The company said it had a strong order book of £2m annualised contract value and management was working on a plan to resolve delayed "go-live" dates.   It added: 'The cpmpany is working on the expectation that a significant proportion of the attrition risk relating to clients re-platforming (as discussed at the time of the interim results), will crystallise early in 2018.  

'The mitigating actions outlined in the interim statement, including the hiring of additional account management resource, will continue to be implemented.'

The company said it had cash of £2.3m at the end of September.