Gentrack Group Limited (NZX/ASX: GTK) (“Gentrack”) wishes to advise that it continues to experience difficult market conditions in its key utilities markets. This is impacting Gentrack’s sales pipeline to a greater degree than previously expected.
In addition, E.ON, a significant UK utility customer, has indicated that it intends to suspend deployment of its new Gentrack billing platform to focus resources on the integration of the recently acquired Npower business.
Gentrack is currently assessing the financial implications of both the broader adverse market conditions and E.ON’s decision. A detailed re-forecasting exercise has been initiated. A further announcement, including an updated FY20 Outlook, will be provided to the markets as soon as that process has been completed, which is expected to be within a week of this announcement.
Contact details regarding this announcement:
Ian Black, CEO
+64 9 966 6090