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iSoft delays results announcement

Troubled software group still in talks with banks

Accountancy Age, 07 Jul 2006

Struggling software developer iSoft has delayed the release of its preliminary results while it continues to hold talks with its banks.

The results were meant to be released next week.

The group, which provides software to Accenture for its £12bn upgrade of the NHS’s IT in infrastructure system, announced in June that it was changing its accounting policies.

iSoft has lost about 80% of its market value in recent months following a series of profits warnings and being forced to restate its previous accounts to reflect these changes to its accounting policies.

The company had originally said it had expected to conclude discussions with the banks this month and release its results on 11 July.

‘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,’ the company said.

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