By Anthony O. Goriainoff
Shares in DSW Capital PLC fell Friday after the company warned that it wouldn't be meeting market expectations for fiscal 2023 as its historically weighted second half was being hurt by "the wider macro-economic conditions and uncertainties.
Shares at 0824 GMT were down 23 pence, or 19%, at 95 pence.
The U.K. professional-services business said that December is an important month for the company and that "continued deal slippage and caution in the market" has led to its performance in that month to be significantly lower than anticipated as deals weren't executed as expected.
It added that the uncertainty stemming from the economic outlook has hurt, and continues to hurt, recruitment with no further fee earners having joined since the start of October. The company said it was in active discussions with a number of potential new fee earners and acquisitions adding that "caution in the wider market is currently impacting progress in this area."
The board said it expects fiscal 2023 revenue to be in the 2.8 million to 3.1 million pounds range ($3.5 million-$3.8 million), compared with GBP3.0 million in the year prior.
Earnings before interest, taxes, depreciation and amortization are expected to be in the GBP1.4 million to GBP1.7 million range, compared with Ebitda of GBP2.2 million for fiscal 2022.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com