The group said it has experienced "significant" project deferrals and margin pressure as a result of customers experiencing more difficult conditions in their own businesses.

"Whereas the board had expected that revenue would have been weighted 40:60 (first half-second half), it now believes that it is likely that second half revenue will not exceed that for the first half," it added.

It expects revenue for the first half to be between £120m-£125m.

The group said it is taking appropriate action to adjust the cost base to reflect these new market conditions.