Brief: NNIT Updates On Agreement With Pandora And Impact On Guidance

Nnit A/S

03/07/2019 15:49

July 3 (Reuters) - NNIT A/S  NNIT.CO :
    * REG-NNIT A/S: 9/2019 UPDATE ON AGREEMENT WITH PANDORA AND
IMPACT
ON GUIDANCE
    * ANNOUNCES THAT IT IS LIKELY THAT PANDORA WILL TERMINATE
ITS
OUTSOURCING AGREEMENT WITH NNIT BEFORE EXPIRY OF AGREEMENT IN
APRIL 2021
    * AS A CONSEQUENCE OF LIKELY LOSS OF THIS AGREEMENT COMBINED
WITH
DECLINING PROFITABILITY REPORTED IN Q1 2019 IT IS ASSESSED NOT
LIKELY THAT LONG-TERM TARGETS FOR REVENUE GROWTH AND OPERATING
MARGIN WILL BE MET IN 2020
    * IN THIS PERSPECTIVE BOARD HAS INITIATED A REVIEW OF
FINANCIAL
IMPACT FOR PERIOD 2020-2022 INCLUDING A COST REDUCTION PLAN
    * CONCLUSIONS FROM THIS REVIEW WILL BE COMMUNICATED IN
CONNECTION
WITH RESULTS FROM FIRST SIX MONTHS OF 2019 IN AUGUST

Source text for Eikon:  ID:nGNE83RqY9 
Further company coverage:  NNIT.CO 

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