LONDON (ShareCast) - Shares in music marketing group Immedia fell on Thursday after the AIM-listed group said it would miss profit forecasts this year.

The group, which provides music and entertainment strategies in retail, banking, leisure and hospitality, said it has experienced delays in the start of new business revenues.

These delays, along with investments in new managers, mean that 2014 operating profits will be "below market expectations".

However, the AIM-listed company said that the impact of the new contracts in contributing to the business remains on target and that the "timing slippage" was only temporary.

Immedia said revenue in the first half the year will be broadly the same as last year, with sales growth at a number of key customers offsetting lower equipment sales to other customers.

As of 14:58 the share price had dropped 26.7% to 17p.

WS

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