- Software company ATTRAQT’s shares collapse 25% on a profit warning.
- New CFO discovered “inaccuracies” in revenue forecasting.
- ATTRAQT was founded by Dan Wagner, serial entrepreneur whose Powa Technologies imploded last year.
LONDON — Shares in AIM-listed software company ATTRAQT lost a quarter of their value on Friday after its new CFO discovered “inaccuracies” on its books.
ATTRAQT said that Eric Dodd, who became CFO at the start of September, found “inaccuracies in forecasting the timing of certain contracts and client “go-live” dates” following a review commissioned by the board.
Revenue is being delayed by “a number of significant new contracts closing but later than planned, and some other contract decisions being delayed.”
“Inaccuracies in estimating the period between engagement and the “go-live” dates have also been identified by the review,” ATTRAQT said.
As a result, the loss-making company warned revenues for the year will now be roughly 10% lower than initially forecast. ATTRAQT’s share price nose-dived over 25% on the news:
ATTRAQT provides software to help businesses build online shops. It works with the likes of Tesco’s F&F clothing brand, Superdry, TK Maxx, and Paperchase.
The company was cofounded by serial tech entrepreneur Dan Wagner in 2003 and listed on AIM in 2014. Wagner, whose other business Powa Technologies imploded spectacularly last year, quit as chairman of ATTRAQT last June.