BRIEF-TZ Ltd Believes Prudent To Withdraw Any Previous FY20 Earnings Guidance
Reuters
Published Apr 15, 2020 09:50
April 15 (Reuters) - TZ Ltd TZL.AX :
* BELIEVES IT TO BE PRUDENT TO WITHDRAW ANY PREVIOUSLY FY20 EARNINGS GUIDANCE
* TO DATE BUSINESS HAS REDUCED ITS FIXED OPERATING COSTS BY OVER $1.2 MILLION
* SINCE IDENTIFIED FURTHER FIXED COST REDUCTIONS IN EXCESS OF $2 MILLION TO BE IMPLEMENTED OVER COMING 12 MONTHS
* BUSINESS OVERALL HAS NOT SHOWN SIGNS YET OF CAPITAL EXPENDITURE BEING DELAYED OR CANCELLED
* MEDIUM-TERM GOAL OF TZ TO GROW RECURRING REVENUE TO BE OVER 50% OF SALES BY FY2023
* IN FINAL PROCESS OF NEGOTIATING NEW FINANCING TERMS WHERE LENDER HAS AGREED TO AN INTEREST FREE PERIOD ON ABOUT 60% OF DEBT FOR 8 MTHS
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Written By: Reuters
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