Why did IRESS (IRE) shares crash today?
IRE -17.3%: finance software and administration company IRESS downgraded guidance today, sending the stock to 2-year lows. The company said slowing conversion of sales, as well as higher costs and negative FX movements, would weigh on segment profit, reducing guidance by 6.5% to $166-170m for the calendar year-end. Concerningly, the company only reaffirmed that guidance last month with the updated targets showing little to no growth on the proforma FY22 numbers. IRESS will have a new CEO in the seat next week with ex-PEXA CEO Marcus Price taking over.
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