In a trading update, the company said first-half turnover had been below expectations and only marginally ahead of the figure posted for the same period last year.
“The group's slower than expected start for the period can be attributed to lower volumes in certain areas of the business, a small number of large projects that are taking longer to complete than expected, and certain other projects being delayed until the second half of the year,” Abzena told investors.
The company is optimistic on the outlook for the second six months of the financial year with “good order cover and a high engagement level for new business”.
That said, Abzena is unlikely to recover the entire shortfall. “The board, therefore, expects revenue for the full year to be materially lower than previously expected, with consequential impact on reported loss,” investors were told.
“Notwithstanding this slow start to the year, the board remains optimistic that the group's long term prospects remains strong.”