Merant forced to delay results again

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Merant, an Anglo-US software company, caught the market offguard yesterday by delaying the publication of its second-quarter results.

Highlighting that it was operating in a "very challenging economic environment", Merant said it remained "cautious" about expectations for the second half of the year as it had seen a slowdown in the number of sales made of more than $100,000 in value.

The delay in publishing its results was the second so far this year and shares in Merant fell 7p to 88.5p.

Merant, which will release the second-quarter figures on 5 December, said publication had been postponed because specific accounting procedures had taken longer than expected. Following the sale of two of the company's divisions, Merant has had to restate its profit and loss account, balance sheet and cash flow statement.

Nevertheless, Merant said it expected to report a second quarter ended 31 October operating loss of £2.3m to £2.8m on sales of £22.3m.