March 23, 2020 / 6:24 AM / 12 days ago

BRIEF-Wavestone Says Coronavirus Likely To Affect Financial Objectives For 2019/20 FY

March 23 (Reuters) - Wavestone SA:

* COVID-19: AN UPDATE FROM WAVESTONE

* IT’S POSSIBLE THAT SOME SUSPENDED PROJECTS MAY RESUME SHORTLY

* NOTICEABLE IMPACT ON BUSINESS ACTIVITY LEVEL

* SINCE MARCH 16, 2020, ALMOST ALL THE COMPANY’S TEAMS HAVE BEEN WORKING FROM HOME

* IN FINANCIAL TERMS, WAVESTONE IS ON A SOUND FOOTING, WHICH ENABLES IT TO FACE CURRENT CIRCUMSTANCES WITH CONFIDENCE

* BY MARCH 31, 2020, FIRM’S FINANCIAL SITUATION WILL HAVE STRENGTHENED FURTHER, WITH NET DEBT SIGNIFICANTLY REDUCED COMPARED TO SEPTEMBER 30

* ON CORONAVIRUS: THIS SITUATION IS LIKELY TO AFFECT ANNUAL FINANCIAL OBJECTIVES FOR 2019/20 FISCAL YEAR

* IN ADDITION, WAVESTONE HAS TAKEN DECISION TO FREEZE ALL RECRUITMENT UNTIL JUNE 1, 2020 - A MEASURE THAT WILL BE EXTENDED IF NECESSARY

* WILL BE MAINTAINING INTENSITY OF ITS COMMERCIAL ACTIVITY Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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