- Payment solutions specialist Integrated Research (IRI) has downgraded guidance for the second time in the past fortnight
- Today’s update comes after shareholders were warned of a decline in turnover on December 18
- The new figures now suggest profits for the company will be minimal, landing between $2 million and breakeven
- IRI anticipates it’ll make a further update on the unaudited results before mid-January, with its half-year results scheduled for February 18
- Integrated Research is down 11.92 per cent, trading at $2.66
Payment solutions specialist Integrated Research (IRI) has downgraded its earnings guidance for the second time in less than two weeks.
IRI announced to the market on December 18 it estimates revenue to land between $41 million and $47 million for the half-year ending December 31. It also anticipated profit to sit between $5 million and $8 million.
IRI noted at the time, “the range of estimates for revenue and profit were wide due to the unpredictability of business closure in the remaining weeks of December.”
Trading figures ‘below expectations’
Today’s update has revealed the company’s performance since that announcement has been even lower than those expectations.
As a consequence, IRI has revised its estimates downward. The company now anticipates revenue for the first half to be in the range of $34 million to $37 million, down from $53.2 million tabled in the prior corresponding period (PCP). Profit is anticipated to be in the range of breakeven to $2 million, down from $11.8 million recorded in the PCP.
IRI say the decline in sales are due to “a continuation of customers deferring purchasing decisions.”
A tough six months
The double-whammy of bad news has been another blow for IRI shareholders after a tough six months. The share price has tumbled more than 45 per cent since it peaked at $4.92 in mid-August.
The North Sydney-based company anticipates making a further update on the unaudited results before mid-January, with the formal half-year results announcement scheduled for February 18.
Integrated Research is down 11.92 per cent, trading at $2.66 at 11:32 am AEDT.