Acumentis Group (ASX:ACU) - CEO, Timothy Rabbitt
CEO, Timothy Rabbitt
Sourced: Gold Coast Bulletin
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Due to COVID-19, property valuation company, Acumentis (ACU) is withdrawing its earning guidance for the 2020 financial year
  • Despite a promising third quarter, the company noted a recent reduction in valuation activity from its financial institution clients
  • Like many others, Acumentis has adopted a working from home operating model, and other recommended measures
  • But, the company remains confident that it will be able to retain all its staff throughout the crisis
  • Acumentis’ shares are up 4.29 per cent on the market this morning and trading for 7.3 cents each

Property valuation company, Acumentis (ACU) is withdrawing its earning guidance for 2020’s financial year, due to COVID-19.

The company made the decision in light of great economic uncertainty, caused by the ongoing coronavirus pandemic.

During the third quarter, Acumentis had progressed well, and was on track to achieve its advised forecast. However, the company noted a rapid change in the last month as COVID-19 spread across the globe.

During March and April, Acumentis saw an increase in government activity. However, the company started noticing a decrease in valuation activity from its financial institution clients. This is likely because of COVID-19’s impacts on those financial institutions’ own volumes.

In response to these changes, Acumentis has withdrawn its guidance, and implemented other policies. The company has adopted a working from home operating model, and other recommended measures. However, Acumentis is determined to continue delivering a high standard of service during this time.

The company has considered a number of different scenarios and outcomes, regarding COVID-19’s duration and impact. The predictive models also take the Federal and State Government’s assistance packages into account.

Based on those models, Acumentis is confident that it will weather the uncertain economic circumstances. Importantly, the company believes that it will be able to retain all of its staff throughout the crisis. When the pandemic subsides, and the economy starts recovering, Acumentis plans to be in a position to seize new opportunities.

Acumentis’ shares are up 4.29 per cent this morning and trading for 7.3 cents per share at 10:00 am AEST.

ACU by the numbers
More From The Market Herald
Openn Negotiation (ASX:OPN) - Managing Director, Peter Gibbons

" Openn Negotiation (ASX:OPN) eyes $3m for North America expansion

Property technology company Openn Negotiation (ASX:OPN) has received firm commitments to raise $3 million via a…

" Waypoint REIT (ASX:WPR) sells 31 fuel and convenience store assets

Waypoint REIT (ASX:WPR) has agreed to sell 31 non-core fuel and convenience assets for a total…

" Sunland to bank $20M for Gold Coast property

Property developers Sunland Group have entered an unconditional contract to sell a Gold Coast property for…
Sunland Group (ASX:SDG)- CEO, Soheil Abedian

" Sunland Group (ASX:SDG) sells Carrum Downs for $17M

Sunland Group (ASX:SDG) has announced it is selling the Carrum Downs property in Melbourne for $17…