OneView warns on full-year revenue amid contract delays

AIM-listed digital transformation software provider OneView warned on Wednesday that revenue for the current financial year is likely to be below market expectations due to contract delays.

The company said that winning its first hosted customer in the UK was a pivotal event in the first half of the year, creating an important new recurring revenue stream.

During the period, OneView’s main focus was to get its existing customers live in their store estate, it said, adding that it has seen a growth in pipeline in the EMEA region and Australia.

The group said interest in its software continues to be strong and expressed confidence that the current pipeline will deliver growth in the future.

However, it said the mission critical nature of solutions means that sales cycles are long and can be difficult to predict.

“The company has seen a number of delays in some of the major pipeline contracts. Accordingly, whilst the board remains confident that the on-going discussions will come to fruition there can be no certainty on timing and as a result, the company's revenue is likely to be below market expectations for the current financial year.”

At 0952 BST, the shares were down 35% to 3.50p.