Atlantic forecasts turnover fall

ATLANTIC Global has warned turnover will fall and pre-tax losses could grow to as much as £230,000 in its full year results.

The software company, which made a pre-tax loss of £130,000 in 2009, blamed the position on companies deciding to defer on a number of substantial contracts although the Atlantic board expects them to be signed early in the New Year.

In a trading update, Atlantic said it had already secured turnover for 2011 in excess of £400,000 and is forecasting a year end cash balance of more than £2m.

In the second half of the year Atlantic has secured a number of high profile customers for its OnDemand product including Merseyside Police, Quadratek Consulting and Friends Provident.

The company has also secured 150 trials of its new Software as a Service offering with the directors “confident about the market reaction to this new offering.”

It is in the process of negotiating a series of partnership deals in the US, Middle East and UK which are expected to be concluded early in the New Year.

Atlantic expects to announce its full year results for 2010 in March.