Albert Technologies warns of slower than anticipated revenues

Software firm Albert Technologies warned that year-to-date revenue growth had been slower than anticipated, mainly as a result of longer ramp-up times for its enterprise clients.

Albert Technologies told investors on Tuesday that while revenues were similar to those for the first four months of 2018, based on management's assessment of the group's existing client base and its sales pipeline, it expects growth to pick up in the coming months.

"Taking into account the performance for the start of the year, and the fact that as previously stated enterprise clients' sales, onboarding and expansion of activity, takes longer than for our previous roster of midsize and small businesses, management anticipates that revenues for 2019 are unlikely to reach current market expectations, which forecast revenue to more than double over 2018," said Albert.

Whilst Albert's management expects the outcome for 2019 will show a "significant improvement over the performance achieved in 2018", the firm said it "remains difficult" to accurately predict short-term revenue outcomes.

Elsewhere, Albert Technologies revealed it had seen a number of existing enterprise clients expand their activity with the group during the first four months of the year, whilst others were in active discussions with the company regarding expanding their activity in the coming months.

Albert Technologies also said it had started 2019 with "a dozen additional enterprise clients in the pipeline" and believes that each of the potential clients carried "significant revenue growth potential".

As of 1055 BST, Albert Tech shares had tumbled 39.39% to 10p.