Australia's ReadyTech hits 4-mth low on losing government licensing project

Readytech Holdings

13/01/2022 24:37

** Software firm ReadyTech Ltd  RDY.AX  falls as much as
8.9% to A$3.08, their lowest since Sept. 14
    ** Says https://investors.readytech.com.au/DownloadFile.axd?file=/Report/ComNews/20220113/02475181.pdf
 its government and justice case management solutions provider
software - Open Office - did not secure the Government Licensing
Project contract
    ** Adds that it will not receive the A$8 mln ($5.82 mln)
project earn-out from the contract
    ** Says project was not included in its FY22 guidance https://investors.readytech.com.au/DownloadFile.axd?file=/Report/ComNews/20210824/02410686.pdf
 of mid-teens organic revenue growth and Open Office revenue of
A$18.3 mln; reiterates its growth outlook
    ** RDY marks its worst intraday pct drop since Nov. 29; down
13.3% this year, as of last close

($1 = 1.3740 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))