Terence Chapman Group, the UK-based financial technology consultancy, is to embark on a further round of job cuts after issuing its second profits warning this year.
Shares in the company slumped by as much as 28%, dropping by £0.06 to £0.16p on the warning, prompted by evidence of a further tightening of purse strings among TCA's core investment banking clientele.
Terence Chapman's house broker has reduced its revenue forecast to £9.3 million for the full year to August 2002, significantly down on the £32 million in revenues reported in 2001. The company is projecting a pre-tax loss for the year of £3.6 million.
The firm says it has been forced to undertake work at heavily discounted rates in response to increased pricing competition from bigger consultancy groups and offshore agencies.
The group has yet to release full details of the likely job cuts, but confirms they will be "across the board".