Gentrack’s (ASX:GTK) sales hit by market conditions

Company News

by Anna Napoli

Software company, Gentrack Group (ASX:GTK) has announced it is continuing to experience difficult market conditions in its key utilities markets. The conditions are impacting Gentrack’s sales pipeline to a greater degree than previously expected.

Also impacting the company’s financials is news one of itssignificant UK utility customer’s, E.ON has indicated that it intends to suspend deployment of its new Gentrack billing platform.

Gentrack is currently assessing the financial implications of both the broader adverse market conditions and E.ON’s decision.

The company will release an updated FY20 outlook to the markets as soon as a reforecasting exercise is complete.

Shares in Gentrack Group (ASX:GTK) closed 2.2 per cent higher yesterday at $3.73.