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Attraqt Group PLC shares plunged on Wednesday after it cautioned that sales were likely to slow, despite reporting revenue growth in the first half of the year.
The London-based online shopping technology provider warned that the ‘deteriorating outlook’ for consumer-facing businesses will delay customer decisions. This comes in addition to the general macroeconomic volatility, it said.
It also expects lead times for enterprise sales to lengthen.
Shares in Attraqt dropped 12% to 21.91 pence each in London on Wednesday morning.
More positively, in the first half of 2022, revenue was up 8% year-on-year at constant currency to around £21.1 million from £11.1 million.
This was in line with management expectations, Attraqt said.
Closing annual recurring revenue increased 15% to around £23.4 million.
‘Enterprise performance was strong with two UK fashion brands and two international brands signing in the reporting period, all following competitive tenders. The win rate has increased due to sales momentum and AI becoming the centrepiece of the company's offering, providing greater competitive differentiation,’ the firm said.
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