(Bloomberg) -- FD Technologies Plc shares plunged after the consultancy and software firm lowered its revenue forecast for the full year. 

The stock slid as much as 29% to 938 pence in London trading, the biggest drop since October. The company now sees revenue “slightly” below consensus at not less than £247 million ($312 million), down from its previous guidance of £285 million to £295 million, according to a statement. 

FD Technologies said macroeconomic headwinds and lower-than-expected growth in annual recurring revenue in its KX division, which provides software to accelerate AI-driven innovation, contributed to the deterioration in performance. The company has focused more direct sales resources of repeatable use cases in financial services and aerospace and defense, which accounted for more than 80% of its annual contract value in the full year. 

“We are optimizing our cost base for FY25 and focusing our investment on the areas of highest return,” it said.

The company still sees full-year adjusted earnings before interest, taxes, depreciation and amortization of not less than £22.5 million, in line with consensus.

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