Things continue to go from worse to much worse for troubled Aussie tech outfit Nuix, which gave investors a glimpse on Monday of the horrors to come when its full-year results are revealed next month via webinar with chief executive Jonathan Rubinsztein.
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Revenue, contract values and before tax profits are all tipped to be heading south with statutory revenue likely to be between $151 million and $154 million, down from $165 million in 2020-21. Statutory earnings before tax plunged from more than $30 million in FY 21 to just $12 million at most in FY22.
The share price hit an all-time low of $0.64 on Monday.
It looks like the only people making money from Nuix are its lawyers, with “non-operational” legal costs during the financial year likely to top $14 million.
Not surprising when you consider Nuix was raided last year by federal police pursuing allegations of insider trading, is being sued in at least two class actions by shareholders alleging they were misled on revenue forecasts and then there’s the case before the federal court, where former CEO Eddie Sheehy is suing over up to $183 million in share proceeds.
Spare a thought too for clients of Australian Ethical Investments. The $29 million of members’ money the fund has plunged into Nuix since June last year was worth about $10.3 million at lunchtime.
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