UK's ITIM Group slumps on weak full-year earnings outlook

ITIM

10/02/2023 09:37

** Shares of software provider ITIM Group  ITIM.L  drop as
much as 29.9% to 35p
    ** Shares hit a record low since its IPO in June 2021
    ** Co expects annual core earnings to be about 0.2 million
pounds ($242,440.00), below market expectations
    ** Adds that revenue of about 14 million pounds ($16.97
million) for year ended Dec. 31 2022 are in line with current
estimates
    ** ITIM says contract conversion and sales in 2022 were
challenging due to the economic climate and a slowdown in
decision-making at the enterprise level
    ** Says risks remain around pace of growth of its enterprise
offering, where budgets are under pressure
    ** Including current session moves, stock has fallen 33.4%
YTD
($1 = 0.8249 pounds)
 (Reporting by Raechel Thankam Job)
 ((RaechelThankam.Job@thomsonreuters.com;))