Shares in UK-based Wealth Management Software (WMS) plummeted 22% yesterday to 12.50 pence after the vendor released a trading update warning that turnover for the year will be lower than expected because of delays in signing contracts.
WMS shares have recoverd slightly today, increasing six per cent to 13.25 pence in afternoon trading.
The warning came after a sales review indicated that a number of outstanding software contracts may now be concluded early in 2005 rather than during this financial year.
In August the vendor reported relatively stable pre-tax profits of £148k for the six months ending 30 June 2004, despite recording a 22% drop in turnover due to the termination of contracts with Personal Pension Management Limited (PPML) last year.