Verity announces $2.5m loss

NEWS The infrastructure software company Verity yesterday announced poor first quarter results with losses of $2.5m Total revenue fell by more than a third to $20.1m, but the results were in line with the company's previously lowered forecast. Earlier in August the company announced it was expecting to post losses and predicted the revenue to fall in the region of $20m to $24m, instead of the original forecast. The company blamed the current economic climate for its poor results and said: "As we indicated at that time, there has been an increasing trend of prospective customers cancelling, delaying and down-sizing capital spending projects, due to the impact of world-wide economic pressures affecting their businesses."