Software group Iona Technologies says it expects first quarter revenue will be around $17m, with total costs of between $19m and $19.5m. The revenue figure was well below the $18.5-19.5m the company had signalled in its annual results.
Chief executive Peter Zotto said that although the company was not satisfied with the financial performance, underlying business and demand for its products remained strong.
He said the results highlighted 'the continuing challenge of fitting our business neatly into three-month periods'. He added that Iona failed to complete some deals it had expected in the first quarter, but these would be done later in the year.
Mr Zotto said licence revenue growth for its Artix product grew by 90% compared with the same period last year.
The company expects total revenue for Q2 to be in the range of $20-22m.
Shares in the company closed down 24 cent at €4.26 in Dublin this evening.
