February 13, 2017 / 8:14 AM / 9 months ago

BRIEF-Xsystem withdraws 2016-2018 financial forecasts

Feb 13 (Reuters) - Xsystem SA:

* Said on Friday that it withdrew its 2016-2018 financial forecasts announced on April 11, 2016

* Forecasts assumed 2016 revenue at 10.0 million zlotys ($2.48 million), 2017 revenue at 12.0 million zlotys and 2018 revenue at 14.2 million zlotys

* Withdrawal of the financial forecasts due to decline in revenues and margins in the segment sales of goods and materials in the IT industry

* Revocation also as a result of very limited access to European Union programs funding information and communication technologies, digitalization of public services as well as digitize all kinds of archival documentation for the needs of S&M companies

* Introduction to the sale of proprietary software Accelo, the implementation of several new deployments in financial, commercial and manufacturing sector did not provide reasonable sales growth

* There is a high probability of non-implementation of previously assumed forecasts revenues

Source text for Eikon:

Further company coverage: ($1 = 4.0393 zlotys) (Gdynia Newsroom)

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