Microgen struggles towards end of year

H1 was a poor period for Microgen (see here) and H2 is looking just as bad according to today’s interim statement from the company. Revenue is expected to slump 10% sequentially, although due attention to costs means earnings should be maintained at a similar level to H1. The drop in revenue will be painful in its own right but will be intensified because the shortfall seems to come from the business process Aptitude Solutions Division, which is tagged as Microgen’s growth segment. Financial services are performing “satisfactorily”. H1 (to June 30 2012) was hit by slow sales and prospective sales slipping into H2 (period ending December 2012). Those sales have yet to be closed apparently and with the end of the year coming up quickly, Microgen is facing a full year of disappointing performance.