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Frontier Smart Tech downgrades earnings guidance; cuts R&D budget

Wednesday, 23rd May 2018
Digital radio technology group Frontier Smart Tech downgraded its annual earnings guidance, blaming a sluggish Norwegian retail market and stiff competition from big tech companies.

Ebtida for the 2018 financial year was now expected at around $1.0m, on revenue of $47.7m, with earnings weighted to the second half, the company said.

In light of the demand pressures, Frontier said it had decided to reduce this year's R&D budget by $2.2m, or 21%, and focus on smaller-scale developments in the coming year.

At 2:41pm: (LON:FST) Frontier Smart Technologies Grp Ltd share price was -60p at 89.5p

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