17 December 2017
visit www.avoka.com

Raft warns of impending losses

15 August 2001  |  2174 views  |  0 Raft warns of impending losses

Financial software component supplier Raft International is anticipating a substantial drop in revenues leading to losses for the year-end 31 October 2001.

The warning comes barely two weeks after AIM-listed Raft issued a generally positive statement alongside the publication of its interim results. At the time, the company was expecting to clinch a £1.8 million deal with a large investment bank.

In a statement issued today, the company warns that the conclusion of these negotiations will be "substantially delayed", and, as a result, full year revenue growth is likely to be lower than in the first half of the year. "This, together with the heavier than usual level of investment this year, is likely to result in a one-off loss in the results for the year-ended 31 October 2001."

Raft's broker Seymour Pierce has cut its full-year forecast for the company from a £335,000 pre-tax profit to a £775,000 loss.

David Priestley, Raft executive chairman of Raft, comments: "The delay in concluding these negotiations has been very disappointing yet, despite this and the current difficult market conditions for software providers in the investment banking sector, we still remain positive that Raft can continue to win new mandates in both our traditional market, and new markets such as energy trading."

The company is considering changing its business model to reduce its dependence on large contracts - moving from a license-based system to a pay-as-you-go scheme.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Commerzbank cuts IT projects as first-half figures dip

Commerzbank cuts IT projects as first-half figures dip

09 August 2001  |  2794 views  |  0 comments
Raft wins Nordea order management contract

Raft wins Nordea order management contract

19 July 2001  |  3101 views  |  0 comments
Raft and Stratus provide 24x7 risk management

Raft and Stratus provide 24x7 risk management

13 July 2001  |  2988 views  |  0 comments
OM to cut costs and jobs as interim results show slump in trading

OM to cut costs and jobs as interim results show slump in trading

11 July 2001  |  2657 views  |  0 comments
Raft International wins Icelandic private bank contracts

Raft International wins Icelandic private bank contracts

11 July 2001  |  2441 views  |  0 comments
TCA to cut ten per cent of workforce amid results shortfall

TCA to cut ten per cent of workforce amid results shortfall

10 July 2001  |  2981 views  |  0 comments
Societe Generale extends Raft dealer directory contract

Societe Generale extends Raft dealer directory contract

26 June 2001  |  2654 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit www.ebaday.comvisit www.aciworldwide.com

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
10618 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
10229 views comments | 18 tweets | 36 linkedin
Banks tap Ethereum smart contracts for MiFID II complianceBanks tap Ethereum smart contracts for MiF...
7505 views comments | 9 tweets | 10 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7313 views comments | 19 tweets | 22 linkedin
hands typing furiouslyReshaping Customer Engagement & Da...
6724 views 0 | 4 tweets | 2 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job