by Rory Gallivan

LONDON--Shares in SQS Software Quality Systems AG (SQS.FF) have plunged more than 15% after the industrial-services company said full-year results are set to fall short of its internal targets.

The London- and Frankfurt-listed company, which gave no details of new or previous forecasts, put the shortfall down to the lower prices it has had charge for its testing services amid tougher-than-expected trading conditions and increased competition.

SQS said it will try to shore up profitability by streamlining its roster of clients, lowering overhead costs, and eliminating jobs.

SQS, which has headquarters in Cologne, provides services such as security testing and risk management to customers including oil group BP PLC (BP.LN) and car maker Volkswagen AG (VOW.XE).

Analysts at Canaccord Genuity said they are reducing their current year adjusted profit forecast by 7% to 22.8 million euros ($25.7 million).

The company's were down down 90 pence, or nearly 16%, at 480 pence in late-morning trading in London, valuing the company at GBP150.2 million ($229.8 million).

-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan

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(END) Dow Jones Newswires

September 08, 2015 06:20 ET (10:20 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
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