Software firm Basware cuts sales outlook due to Brexit

Finnish financial software company Basware reported a third-quarter loss on Wednesday and warned of lower-than-expected full-year revenue partly due to uncertainty in Britain after its vote to leave the European Union.

The company, which is focused on electronic invoicing and other financial services, said it expects its revenue at constant currencies to be flat in 2016 after earlier forecasting 5 percent organic growth.

“In the UK, uncertainty around the EU referendum has continued to impact decision-making in both the public and private sector, resulting weaker than expected results,” Chief Executive Vesa Tykkylainen said in a statement.

Basware reported a third-quarter operating loss of 2.2 million euros ($2.4 million), compared to a profit of 1 million euros a year earlier.

Basware shares were down 1.4 percent at 0838 GMT.

($1 = 0.9096 euros) (Reporting by Tuomas Forsell; editing by Jussi Rosendahl and Jason Neely)

via Software firm Basware cuts sales outlook due to Brexit | Reuters

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