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It will also hold talks with debt providers "to negotiate amendments to the operation of covenants and the waiver of any event of default that my result from the 40mm contract delay".
Panmure Gordon analyst Sanjay Jha called the announcement a "horrible profit warning" and said: The main issue for us is the balance sheet as the company has warned that discussions will be held with debt providers to negotiate amendments to the operation of covenants and the waiver of any event of default that may result from the 40mm contract delay.
Similar(58)
A contract delayed is a contract escalated.
Tom Glavine and the Mets have restructured his contract, delaying some payments and adding an option for 2007.
Contract delays in the US were offset by earlier than expected orders for its Q-Net vehicle protection system.
But mobile commerce group MoPowered slumped 51% to 29.75p after it said contract delays would hit its revenues.
Britain's Ministry of Defence has fostered Thales to provide competition to BAE Systems, with which it has rowed for years about cost over-runs and contract delays.
The company issued a profit warning two weeks ago, due to contract delays and the loss of a number of orders, resulting in the departure of its chief executive.
It has seen a rise in the number of its customers going into administration, as well as suffering contract delays and "decision inertia".
However, there is caution through the statement in light of ongoing budgetary pressures and potential contract delays, particularly relating to the US".
The Jets' previous two first-round picks, cornerback Darrelle Revis and linebacker Vernon Gholston, reported late to training camp because of contract delays, although Gholston only missed one day.
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