Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • “Communications as a Service pioneer”, Norwood Systems (NOR) has withdrawn from its 2020 financial guidance
  • Currently, the company has not been significantly impacted by the COVID-19 pandemic
  • However, it is expecting a slow period from its existing partnerships during the pandemic
  • The company has moved to fully remote operations, with all employees working from home
  • On market close, Norwood is up 3.45 per cent and is trading for 3¢ apiece

“Communications as a Service” pioneer, Norwood Systems (NOR) has provided an update on the COVID-19 pandemic.

Currently, the company has not been significantly impacted by the COVID-19 pandemic, however, due to the uncertainty, it has withdrawn all its earnings guidances, including revenue forecasts.

“There is uncertainty as to what extent the revenues derived from existing partnerships will slow over the period of the pandemic and possibly for some time after,” the company said.

“Further, there is uncertainty in relation to whether and to what extent the negotiation of new telco partnerships may be impacted by the COVID-19 pandemic,” it added.

Norwood offers mobile voice, messaging, data and cybersecurity services through its award-winning virtual mobile service platforms and apps.

The company has moved to fully remote operations, with all employees working from home. At this stage, there are no significant impacts on team productivity,

Last month, Norwood’s customer, Spark New Zealand, commenced marketing and promotion for Spark Voicemail.

The agreement is to provide a Spark-branded version of Norwood’s World Voicemail software application.

On market close, Norwood is up 3.45 per cent and is trading for 3¢ apiece.

NOR by the numbers
More From The Market Herald
Swoop (ASX:SWP) - CEO, Alex West

" Swoop (ASX:SWP) completes $41m placement

Network services provider Swoop (SWP) has successfully completed its oversubscribed $41 million placement.
Superloop (ASX:SLC) - Managing Director and CEO, Paul Tyler

" Superloop (ASX:SLC) shares rise on $140m sale of HK, Singapore assets

Shares in Superloop (SLC) are soaring in early trade after the broadband provider announced it was selling some of its Asian assets for

" Field Solutions (ASX:FSG) and Optus team up to help rural Australia

Telecommunications carrier Field Solutions (FSG) has formed a partnership with industry giant Optus.
Swoop (ASX:SWP) - CEO, Alex West (left) & Non Executive Chairman, James Spenceley (right)

" Swoop (ASX:SWP) to snatch up Countrytell

Network services provider Swoop (SWP) has entered an agreement to acquire 100 per cent of connectivity provider Countrytell Holdings.