Gentrack Group Ltd (NZX/ASX: GTK) (“Gentrack”) announces that it is withdrawing its full year FY20 guidance.
John Clifford, Gentrack’s Executive Chairman noted, “We advised the markets on the 20th January 2020 that we expected full year FY20 EBITDA1 to be between NZ$8m and $12m. However, we have made the decision to withdraw full year guidance at this time as a result of the rapidly increasing uncertainty surrounding the duration and scale of the COVID-19 outbreak. We have made this decision due to the potential impact to on-going projects and our sales pipeline.”
“Half year guidance remains as previously advised at the annual meeting of shareholders, being EBITDA1 of between NZ$2m – $3m.”
“Gentrack has a strong balance sheet, no net debt and contractually recurring revenue that continues to provide a strong foundation for the business at this time of significant uncertainty.”
“As part of our business continuity plans (BCP) in light of COVID-19, we have undertaken detailed planning activities across our global operations. We understand the importance of a robust BCP that safeguards the wellbeing of our people and ensures that we can continue to deliver our solutions and services to meet customer expectations and our commitments to customers.”
Gentrack expects to provide an update on full year guidance with the half year results in May.
(All $ amounts referred to above are NZ$)