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K3 Business Now Sees FY Results Significantly Below Market View; Stock Plunges

Shares of K3 Business Technology Group plc (KBT.L) declined around 40 percent in London trading after the provider of integrated business solutions said it now expects full-year 2017 results to be significantly below current market expectations.

This is despite the high seasonality inherent in the fourth-quarter trading, the company noted.

In its trading update, the company noted that its half year results, as said earlier, were impacted by Enterprise contract slippages. Although the Company has seen some major deals close, certain large Enterprise contracts have not been secured as expected.

The company's operations elsewhere are seeing encouraging progress and healthy cashflows. Furthermore, the Company said it has secured pilot customers for its new cloud-based modular technologies which will generate opportunities for both new and existing customers.

Given trading conditions and the performance to date, the company's Board has started a review of its resources with the intention of refocusing the growth strategy around the cash generating business units and the large installed customer base.

The company will provide a further update on this in due course.

In London, K3 Business shares were trading at 150 pence, down 39.88 percent.

by RTT Staff Writer

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