Nuix shares jump on earnings upgrade
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More news: Shares in Nuix were up 24.16% at $2.96 in afternoon trading after the intelligence software group said it was likely to exceed its target of growing full-year statutory revenue by around 10%. Nuix said this was on the back of positive trading and deal wins in the second half.
Nuix said statutory earnings are likely to be between $47 million and $52 million, up 35% on the previous year, while underlying earnings are expected to be in the range of $63 million to $68 million.
Nuix flags better than expected earnings
The news: Technology firm Nuix expects to grow full-year revenue more than expected on the back of positive trading in the second half, including a significant multi-year deal win.
The numbers: The intelligence software group is likely to exceed its strategic target of growing statutory revenue by around 10% in FY24. Statutory earnings for the full year is likely to be between $47 million and $52 million, up 35% on the previous year. It reported a first-half after tax loss of $4.83 million.
The context: Nuix said any further change in statutory revenue will have a direct impact on earnings given the high margin attributable to incremental statutory revenue. Last month, the corporate regulator dropped allegations against Nuix's CEO Jonathan Rubinsztein after concluding there was not enough evidence to charge him with insider trading.
Nuix is awaiting the outcome of separate proceedings brought by the Australian Securities and Investments Commission in the Federal Court, alleging it misled the market by not disclosing financial underperformance after the company's initial public offering in December 2020.
The source: ASX announcement
