Software Circle shares fall 9% after suspected fraud incident
Published: 05:15 22 May 2025 EDT
Shares in Software Circle PLC (AIM:SFT) dropped 9% after the company revealed it had fallen victim to a suspected authorised push payment fraud, resulting in the loss of £426,770 from one of its business units.
The group, formerly known as Grafenia, said the transaction was identified shortly after it occurred and that both the bank and law enforcement were notified immediately. An internal review is underway and the bank’s specialist fraud team is investigating.
The company stressed the incident was isolated and that there was no evidence of a wider breach of its systems or data.
Measures have since been taken to tighten payment protocols across the group, including additional staff training and enhanced verification processes.
Despite the financial hit, the group said its position remains strong, with cash reserves of around £7.8 million. Operations are continuing as normal, and a trading update for the year to 31 March 2025 is expected in the coming weeks.
In early trading, the stock was off 2.66p at 26.84p.
