It now expects revenues for the fourth quarter, which ends on 31 December, to be 41.8m ($81m), a 17% fall on its expectations when it filed its Q3 results. It also expects pro forma net income per share to be 2.6p, a 69% fall on its previous expectations.

Chief executive Guy Gecht said the firm was taking steps to improve profitability and focus on areas that could drive growth.

The firm also issued a profits warning for Q3, although actual earnings exceeded the figures posted in the warning. Shares opened this morning down 12% at 8.22, but later rallied to 8.88.