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Technology company Access Intelligence warned that a more severe and longer impact of Covid-19 in South Asia, exacerbated by the omicron variant, and a stronger pound would hurt hold back growth in 2022, and 2023.
'As a result of the ongoing socio-economic climate in South East Asia and its near term implications of higher than anticipated churn and delayed opportunity to deliver new contract growth, the board has revised its expectations of revenue,' the company said.
'The current challenges in South East Asia will affect the pace of overall growth and result in EBITDA being impacted in 2022 and 2023...' it added.
The dire outlook arrived alongside an update, forecasting for the year ended 30 November 2021, to rise 73% to £33.1 million, with an adjusted earnings before interest, taxes, depreciation, and amortisation, or EBITDA, loss of £0.5 million, in line with management's expectations.
Annual contract value increased by 23% compared to the prior year, driven by creased new business and higher renewal rates.