Adacel Technologies Limited
(ASX:ADA) has announced it has experienced some delays in contracts being awarded in its systems segment.
The civil aviation and defense software developer says, the contract delays will reduce its System segment revenue by about 30% to 40% for the 2017 financial year, compared to FY2016.
The company believes its profit before tax will now be in the range of $7 million to $7.5 million for the FY2017.
Meantime, Adacel believes total new orders for FY2017 will exceed those for FY2016, for both its Systems and Services segments.
Although Adacel is disappointed in the delays of key awards, it remains confident its strong balance sheet will improve.
Shares in Adacel Technologies Limited
(ASX:ADA) last traded at 0.39% lower to $2.55.
