NZ's Geo sees best day in 5 years on steps to ride out virus outbreak

Geo

26/03/2020 02:50

** Cloud-based applications firm Geo Ltd's  GEO.NZ  shares
jump as much as 45.8% to NZ$0.035, in their biggest intraday
percentage jump since April 2015
    ** GEO expects tougher trading conditions during the
coronavirus outbreak, including reduced levels of business
enquiry and license sales
    ** In a bid to ride out the outbreak, co says its full-time
headcount is being cut by about 25%, while sales and marketing
expenditure and salaries are being reduced to lower levels
    ** Adds the board and all employees are taking 20% voluntary
pay reductions until normal trading resumes
    ** More than 273,600 shares change hands, nearly seven times
the 30-day average volume of 40,957
    

 (Reporting by Shruti Sonal in Bengaluru)
 ((Shruti.Sonal@thomsonreuters.com;))