- Software company Gresham Technologies warned Thursday full-year earnings would materially undershoot market expectations owing to delays in software licence deals and on-going investments in product innovation and business development.

'As a result of certain other high margin significant software licence deals now being delayed into 2019 and on-going investments in product innovation and business development, the company expects Adjusted EBITDA for 2018 to be materially below current market expectations,' the company said.

Revenues would meet full-year expectations should Gresham contract the bulk of the remaining proportion of planned revenues for the year. The company said 80% of the planned revenues for the year were now contracted, and it had 'very good' visibility of a further 15% of planned revenues.

The group's legacy software businesses, meanwhile, was performing as planned, and the group's Australian sub-contracting business had delivered a stronger performance in the second half as expected, the company added. The new cash management solutions business was also performing as planned, and an additional new Clareti Multi Bank client was won in recent weeks, bringing the total to three since the company's acquisition of B2.

At 10:13am: [LON:GHT] Gresham Technologies PLC share price was -55p at 96.5p

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