PriceSensitive

Acumentis (ASX:ACU) withdraws 2020 financial year guidance

Market News, Real Estate
ASX:ACU      MCAP $15.27M
17 April 2020 10:25 (AEST)
Acumentis Group (ASX:ACU) - CEO, Timothy Rabbitt

Sourced: Gold Coast Bulletin

Property valuation company, Acumentis (ACU) is withdrawing its earning guidance for 2020’s financial year, due to COVID-19.

The company made the decision in light of great economic uncertainty, caused by the ongoing coronavirus pandemic.

During the third quarter, Acumentis had progressed well, and was on track to achieve its advised forecast. However, the company noted a rapid change in the last month as COVID-19 spread across the globe.

During March and April, Acumentis saw an increase in government activity. However, the company started noticing a decrease in valuation activity from its financial institution clients. This is likely because of COVID-19’s impacts on those financial institutions’ own volumes.

In response to these changes, Acumentis has withdrawn its guidance, and implemented other policies. The company has adopted a working from home operating model, and other recommended measures. However, Acumentis is determined to continue delivering a high standard of service during this time.

The company has considered a number of different scenarios and outcomes, regarding COVID-19’s duration and impact. The predictive models also take the Federal and State Government’s assistance packages into account.

Based on those models, Acumentis is confident that it will weather the uncertain economic circumstances. Importantly, the company believes that it will be able to retain all of its staff throughout the crisis. When the pandemic subsides, and the economy starts recovering, Acumentis plans to be in a position to seize new opportunities.

Acumentis’ shares are up 4.29 per cent this morning and trading for 7.3 cents per share at 10:00 am AEST.

Related News