Nuix (NXL) shares hit following disappointing update
NXL -11.72%: shares in the investigative analytics company struggled on the day of their AGM after a disappointing trading update for the start of FY22. Nuix has seen revenue for the first four months up 10% but EBITDA fell 27% as wage costs bite. More concerningly, Annualized Contract Value (ACV) is currently flat on FY21 suggesting we shouldn’t expect revenue growth for the year, though management flagged December and June as key months for contract wins. The company is also under investigation from ASIC with a report on potential misleading statements in their prospectus due in the coming weeks.
MM in neutral NXL here, watching an opportunity to ‘buy the facts’
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