Portrait Software slumps on uncertain H2

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Date: Wednesday 15 Oct 2008

LONDON (ShareCast) - Shares in aim listed IT software firm Portrait Software plummeted over 40% as it said second half sales were hard to predict amid challenging conditions.

The group, which specialises in online marketing tools for companies such as Lloyds TSB, Barclays and Tesco, said it expects first half sales ended 30 September 2008 to rise 9% to £6.9m from the year before following its Million Handshakes acquisition.

"There was a relatively strong start to the year with important new client wins in the first quarter, however our second quarter finished weakly as we saw several expected licence deals slip during the unusual trading conditions which played out as September unfolded," the group said in a company statement.

It added that despite continued strong interest in its products, "the external environment is very challenging with most commentators expecting an overall downturn in IT spending for some time to come."

Portrait said it is currently difficult to forecast second half sales performance with any certainty.

The group plans to reduce operating costs and investment in non-core activities.

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