LONDON (Alliance News) - Lombard Risk Management PLC Wednesday said it expects its earnings and revenue for the year to the end of March to miss market expectations due to delays experienced on contracts and alliance partnerships.
Lombard said it expects its revenue to fall "slightly short" of current market expectations for the year, attributing the problems to regulatory delays which have led to the deferral of the signing of certain contracts and delays in achieving revenue from some of its alliance partnerships.
As a result of the revenue fall, Lombard expects its earnings before interest, taxation, depreciation and amortisation to be materially lower than market expectations of GBP5.8 million.
Lombard added that the majority of the business remains in good shape, with solid trading in its collateral management, regulatory reporting and alliance partnerships business, the latter in spite of the delayed revenue.
Shares in Lombard dropped on the news, down 18% to 12.75 pence, making it one of the worst performers in the AIM All-Share index.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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