Australia's Bravura Solutions hits record low on weak forecast

Fy Financial Shenzhen

03/11/2022 02:51

** Shares of Bravura Solutions  BVS.AX  drop as much as 59%
to a record low of A$0.540
    ** The financial software solution co sees FY23 revenue to
increase modestly between A$270 mln ($171.77 mln) and A$275 mln
vs a FY22 revenue of A$265.4 mln, due to lower customer spend on
existing new projects as Europe, the Middle East and Africa
regions recover from COVID-19 pandemic  urn:newsml:reuters.com:*:nTUE9F6ZVN 
    ** It also expects FY23 net loss of up to A$5 mln; earnings
before interest, tax, depreciation and amortisation of between
A$10 mln and A$15 mln 
    ** Also says the H1 result, which is likely to reflect lower
run rate revenue, is expected to build into the second half of
FY
    ** Co flags that FY23 operating costs set to rise by 16%-20%
    ** Stock set for worst session, if losses hold 
    ** Bravura stock down 46.8% this year, as of last close
     ($1 = 1.5718 Australian dollars)
 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))