I-Nexus Global Faces Setback as Major Customer Declines Contract Renewal

Shares in I-Nexus Global, a London-listed software company, took a tumble following the news that one of its longstanding customers will not be renewing its contract after 2023. As of 0718 GMT, the company’s shares were down by 0.75 pence, representing a 17% decrease, and now stand at 3.75 pence.

To address this challenge, the board of I-Nexus Global has implemented several measures aimed at minimizing the impact on cashflows. They have also sought to uphold an adjusted earnings before interest, taxes, depreciation, and amortization breakeven position. These actions are crucial to ensuring the company’s continued stability.

At present, the customer in question contributes a monthly recurring revenue (MRR) of £54,000 ($65,971). It is worth noting that for the year ended September 30, the company experienced a 16% increase in MRR, rising from £250,000 to £289,000.

While the loss of any customer is undoubtedly a financial setback, I-Nexus Global remains positive about the future. The company recognizes the ongoing market demand for digital strategy solutions and sees potential growth opportunities within its existing customer base. CEO Simon Crowther expressed optimism about the upcoming year, stating, “the board is confident in the opportunities and growth potential ahead.”