Prophecy downgrades yearly forecast

Prophecy downgrades yearly forecast

Adelaide-based software developer, Prophecy International has downscaled its 2000/2001 projections citing delays in purchasing decisions on a number of major accounts, causing the sales to fall into the next financial year.

Alan Greig, Prophecy's executive director declined to put a figure on the adjustment which will see the company post a modest loss, however he said it is more of a precautionary measure to keep the market informed.

"There are half a dozen deals currently on the go which look like they are going to be sealed on July 1," says Greig. "The problem with large deals is that they can vary in time frame quite dramatically which is frustrating."

The upside however, is that Prophecy's endeavour to reinvent itself on the back of its new e-Foundation business management application is working. In recent months the developer embarked on an aggressive program to reposition itself as a provider of rapidly deployable tailored software solutions using a flexible Lego-like structure. Greig says the positive effect of this refocus will been seen over the next financial year, particularly with the release of its Java-based rapid application assembly technology in Q1 of 2001/2002 financial year.

"It's important people understand we're heading in a positive direction," says Greig. "Our technology stands out for itself."

Full year expenditure for the company is expected to be below budget, according to Greig and cash position remains healthy. Full financial results are due to be announced in August.

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