Software and financial services company Misys took a hit on the stock market after it warned that revenues for its first half results were expected to be 10% lower than the previous year.
Its shares fell 20%, knocking £300m off the value of the company.
The company will announce its results for the six months ending 30 November on 22 January 2004.
Misys said weak market conditions in both the banking and securities division and the financial services division resulted in reduced revenues, and that operating margins were expected to be below those of the same period during 2002.
In a statement, the company said: "Although trading conditions since the AGM have been more demanding than we anticipated, we have nevertheless been encouraged by evidence of our customers' future investment plans, particularly in the banking and securities division."
