Microgen warns of revenue shortfall
25 October 2006 | 3639 views | 0
UK IT services firm Microgen is warning that its full year revenue will come in below market expectations.
Microgen stock fell 1.50 pence to 42.00 pence after the group said total revenue for the financial year to 31 December 2006 is expected to be in the range of £37 million to £38 million, which is below market forecasts of around £40 million.
In a trading update the group says it is restructuring the business into five units - banking, asset & wealth management, energy & utilities, consultancy & applications management and billing & database management - with management bonuses being directly linked to the performance of the business units.
In order to drive the transition Microgen says Martyn Ratcliffe is to be reappointed executive chairman, while David Sherriff will assume the role of chief operating officer.
The vendor says finance director Mike Phillips is leaving the company to "pursue other opportunities".