Nixu withdraws its financial guidance for 2020
Nixu Corporation, Press release, March 24, 2020, at 14:45 EET
European cybersecurity company Nixu announced earlier today changes to its financial guidance with a stock exchange release.
The preparations for the global COVID-19 coronavirus pandemic is causing severe changes in the global economy. Simultaneously, many aspects of society have become digital. Protecting this digitalization from cyber-threats is at the heart of Nixu's operations. As an example, the level of preparedness of Nixu’s cyber-threat detection and response services has been raised. Nixu's customer base is highly diversified and consists of a large number of industries and sectors that were not the first to suffer from the set restrictions.
However, Nixu estimates that the prevailing uncertainty is expected to have effects also on Nixu’s business environment and the company is constantly monitoring the situation. Forecasting the business is very limited in this situation, and as a result, Nixu withdraws its financial guidance for the time being.
Nixu’s growth strategy is at a stage where the company sees it reasonable to seek strong growth in the rapidly developing cybersecurity market, at the expense of profitability. Nixu estimates its revenue to grow organically and the full year EBITDA to increase from the previous financial year.
Nixu will not provide any financial guidance for 2020 for the time being. The forecast will be issued when the company is in a better position to assess the extent of the coronavirus pandemic's impact on its business.
Petri Kairinen, Nixu CEO:
”Society has faced an unexpected situation in which large-scale measures have been taken by several states to limit the epidemic. Now that businesses are very much reliant on digital business channels and platforms, our mission to keep the digital society running is more relevant than ever before. Even if we strongly believe that the importance of cybersecurity and demand for services will only increase in the future, the sudden change in the business environment will most likely to have an impact on Nixu. However, we will continue supporting our clients with high-quality cybersecurity services during the pandemic.”
Chief Executive Officer Petri Kairinen, Nixu Corporation
telephone +358 40 832 1832, e-mail: email@example.com
Nixu in Brief:
Nixu is a cybersecurity services company on a mission to keep the digital society running. Our passion is to help organizations embrace digitalization securely. Partnering with our clients we provide practical solutions for ensuring business continuity, an easy access to digital services and data protection. We aim to provide the best workplace to our team of over 400 cybersecurity professionals with a hands-on attitude. With Nordic roots we serve enterprise clients worldwide. Nixu shares are listed on the Nasdaq Helsinki stock exchange.