QPR Software Plc, Inside information, October 14, 2020 at 3:00 PM
Based on actual sales performance in 2020 and updated outlook, QPR issues a profit warning and revises its net sales forecast for 2020. In its previous forecast published in February 2020, QPR expected net sales to grow in 2020 (2019: EUR 9,513 thousand). QPR now expects net sales to be lower than in 2019. During the coronavirus pandemic, sales cycles for new software systems have been significantly longer than usually and have not yet been normalized.
According to preliminary financial information, QPR's net sales in January-September 2020 decreased by 5.5% and was EUR 6,630 thousand (7,015). QPR publishes interim report for January-September 2020 on October 27, 2020.
Profit forecast remains intact and as previously published. Operating result (EBIT) is estimated to be negative (2019: -213 thousand) and EBITDA is expected to be positive (2019: EUR 1,036 thousand).
QPR initiates co-determination negotiations regarding part-time lay-offs
QPR Software Plc and its subsidiary QPR Services initiate co-determination negotiations with part of their personnel in Finland. Approximately 65 employees are subject to the negotiations. Operational Development Consulting personnel shall not be part of the negotiations.
The aim of the negotiations is to adjust operations in the market situation, where COVID -19 is causing uncertainty among customers and prospects. The negotiations may lead to temporary part-time layoffs and reorganizing of work tasks for financial and production-related reasons.
Since the business impact of the Covid-19 -situation is estimated to be temporary, redundancies are not considered in the negotiations.
Preliminary estimate of the amount of lay-offs is 65, at maximum. Negotiations will commence on October 20, 2020.
QPR Software Plc
Jari Jaakkola, CEO
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