K3 Business Technology reported wider first-half losses as revenues came under pressure amid delays to contract signings, but the group said it remained on track to meet full-year expectations. For the six months to 31 March, reported pre-tax losses widened to £1.5m from £1m a year earlier as revenues slipped 7% to £38.2m. Adjusted profit from operations fell to £0.8m for the half from £1.7m a year earlier The company blamed the weaker revenues on 'delays to certain contract signings,' but said it had now 'largely caught up on the outstanding delays.' '(T)he second half includes significant licence and maintenance contract renewals where renewal rates are very high - around 98%. The near-term pipeline also remains encouraging,' the company said. '(W)hile first half results are below the same period last year, the Group remains on track to meet market expectations for the full year and to show good year-on-year earnings progression,' it added. At 8:04am: (LON:K3C) K3 Capital Group Plc share price was 0p at 173p
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