Bloomberg is reporting a 36 per cent fall in EasyScreen shares after the UK provider of derivatives trading software warned that second-quarter results will be significantly below expectations due to delays in setting up its Internet platform.
The company said it had addressed the problem and that revenue for the year will be "significantly affected", says the report on the Bloomberg Web site. Bloomberg say EasyScreen gave no indication of when the Internet platform would go live in a statement distributed through the UK's Regulatory News Service.
The newswire quotes Andrew Barrett, information technology analyst at Peel Hunt: "Also, they're having problems with their risk management system, which isn't mentioned. They believe that they've addressed these issues; we'll wait and see when the products come out."
Peel Hunt is advising rival FFastfill, which is seeking to raise between £15 million to £20 million through a share sale on the London Stock Exchange on 15 November.
EasyScreen shares fell as much as 65 pence to 117.5, knocking £28.7 million off its value, reports Bloomberg.