Cloud software company K3 said it expected full-year results would be significantly below current market expectations after a major new contract in the final process of agreement was put on hold and a large customer entered into administration. The company cited other adverse factors that had led to the downgrade, including certain customers choosing to purchase additional software licence tranches at a slower pace than anticipated. In light of these softer trading conditions, management had 'taken a cautious view of the outcome for the financial year, and currently estimates that the Group's adjusted operating profit for the year will be approximately £1.5,' the company said. 'Looking into the next financial year and beyond, the board is optimistic of the company generating much improved levels of profitability and cash generation,' it added. At 8:41am: (LON:K3C) K3 Capital Group Plc share price was 0p at 148p
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