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(Sharecast News) - Software firm Cerillion said on Monday that H1 revenues were expected to be slightly lower year-on-year as a result of an anticipated higher weighting of software licence renewals and extensions to H2.
Cerillion said revenues were expected to have dropped from £22.5m to roughly £20.9m in the six months ended 31 March, while adjusted underlying earnings were seen slipping from £11.0m to around £10.0m.
However, the AIM-listed group stated its new customer pipeline remains "very strong and a little ahead of last year's record level" and stated that it was "very well-placed to meet market expectations for the current financial year and beyond".
Cerillion said its confidence was underscored by "a number of factors", including January's major new contract win worth $11.4m, a term renewal worth £5.4m agreed in March, and the confirmation from "another significant European customer" that it intends to use Cerillion's BSS/OSS.
"This major migration programme is expected to benefit revenues in both the current and next financial year," added Cerillion.
As of 0930 BST, Cerillion shares were down 3.65% at 1,252.50p.
Reporting by Iain Gilbert at Sharecast.com
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