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Technology company Cohort warned on profit after reporting wider first-half losses as higher costs offset a climb in revenue.
The company said now believed that Cohort's performance in 2021/22 would be 'materially below' current market expectations.
While the company anticipated a much stronger group performance in the second half, it didn't expect this to make up for the shortfall in the first half.
For the six months ended 31 October 2021, pre-tax losses widened to £1.7 million from £370,000 year-on-year, while revenue rose 10% to £60.0 million. The company reported a record closing order book of £285.8 million, up from £242.4 million in April.
The interim dividend was increased by 10% to 3.85 pence per share.
'The first half of 2021/22 has been disappointing,' the company said.
'Chess's performance was significantly worse than both last year and our expectations,' it added.
'Chess should have a stronger second half, but we now expect its full year performance to be significantly lower than our previous expectations.'