Isoft postpones preliminary results

Isoft, the troubled healthcare software company, on Friday said it would delay its preliminary results in order to allow more time for discussions over its banking facilities and the large project to overhaul the UK’s National Health Service IT network.

Shares in Isoft, which have fallen about 84 per cent since the start of the year, on Friday dropped 13 per cent to 55p in early morning trading.

The Manchester-based company’s share price plunged in January when it issued a severe profits warning linked to delays to the £6.2bn upgrade of the NHS’s computer system. Another profits warning followed in April.

On June 8, the company made a third revision to its full-year profit forecasts and announced a major change in accounting policy that involved reversing significant portions of reported revenues from the past three years.

At the time, Isoft said it expected the discussions to be concluded early this month and set the date for its preliminary results on July 11. Those plans have now changed.

“Since that time, discussions have continued with the banks and with certain of the group’s key counter parties in the National Programme for IT,” the company said on Friday.

“These discussions are progressing, but will not be concluded in time for the preliminary results announcement next week. The board has therefore decided to postpone the results announcement at this time.”

Isoft said a further announcement would be made in due course. The full-year results will be the first delivered under the company’s new auditor Deloitte & Touche, which took over from RSM Robson Rhodes.

The company is currently searching for a new chief executive after Tim Whiston resigned in mid-June.