Anittel lowers 1H guidance
- 20 December, 2010 09:26
IT and telecom solutions provider Anittel (ASX:AYG) has revealed it expects its 1H earnings to be lower than originally anticipated.
The company, previously known as Hostech, now expects a net loss of $800,000 for 1H11. It is forecasting an ebitda loss of $300,000, on revenue of $31 million.
AYG shares slumped 6.67 per cent to $0.014 in Friday's trading following the announcement.
In an update to investors, Anittel said that while it was not yet able to give full year guidance, some customers have reduced product purchases. Tasmanian non-core product sales also remain lower than expected and volatile.
But it said it was not seeing customer churn just a slow-down in projects, and that it is engaged with its clients to ensure they stay on.
The board intends to continue its strategy of concentrating on improving high-margin, recurring revenue, Anittel added.
The company changed its name in November after receiving shareholder approval earlier that month. Anittel has been its major brand since Anittel the entity was acquired by the then-Hostech early this year for $2.5 million.