But the North East-based company said that as a result of cost cutting and strategic changes its full-year losses would be reduced.
The company said sales were being affected by global economic conditions and an extended sales cycle. QSP cut 155 staff in the past year in order to slash costs and plans to continue cutting operating expenditure.
The company is hoping that the recruitment of a new chief executive in the form of Jonathan Airey from IBM will drive the business forward.
John Bateman, chairman of QSP, said: ‘In our preliminary results announcement on 25 April, I confirmed that market conditions would remain challenging throughout 2001.’
‘Jonathan’s [Airey] key objective therefore will be to continue to align resources to meet customer demands, increase the prospects for new business, improve profitability and generate positive cash flows,’ said Bateman.
QSP provides financial software, consulting services and ASP solutions to provide e-finance in large organisations with e-business strategies. Its products include a WebFinance Suite. 20% of its customers receive its ASP services.
In its statement to the stock exchange, the company said it was now looking to become a more broadly based software and services business supported by its ASP delivery capability. It said it hoped the moved would be helpful in generating ‘predictable revenues’.
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