ISoft delays results publication

iSoft's is trying to turnaround its fortunes

Struggling UK software firm iSoft has announced that it will be delaying publication of its annual results, sending its shares down 15%.

ISoft said the postponement was necessary due to continuing talks with its banks and partner firms, increasing speculation of funding problems.

It hit the headlines this year after it was blamed for delays in a £6.2bn plan to upgrade the NHS computer system.

Accenture, one of iSoft's partners, has already warned it might look elsewhere.

'Discussions progressing'

ISoft's announcement that it is to delay publication of its annual results comes one month after its former chief executive Tim Whiston resigned.

Mr Whiston said at the time that he feared there would be "negative speculation and comment" if he stayed in the post.

ISoft said on Friday that "discussions have continued with the banks and with certain of the group's key counter parties..."

It added: "These discussions are progressing, but will not be concluded in time for the preliminary results announcement next week.

"The board has therefore decided to postpone the results announcement at this time."

ISoft is in partnership with US consulting firm Accenture on two NHS-related software contracts.

Accenture's chief executive Bill Green said last month that he was "watching the iSoft situation closely" and that his firm had a "series of alternatives".

Following Tim Whiston's departure from iSoft, chairman John Weston has also taken up the chief executive role as a stand in measure.

ISoft has also brought in turnaround specialist Bill Henry as chief operating officer.

Shares in iSoft closed the day 16.21% lower on Friday.