SSH COMMUNICATIONS SECURITY CORPORATION ESTIMATES THE COVID-19 PANDEMIC TO NEGATIVELY IMPACT ITS OUTLOOK AND WITHDRAWS ITS GUIDANCE FOR THE YEAR 2020
As a result of the COVID-19 pandemic, operating conditions in our markets have deteriorated significantly.
Large enterprises globally, including some of our customers, have already announced profit warnings or cost savings programs. We expect this to affect their investment decisions and the timing of IT project deployments. Due to the continued uncertainty of the situation, our visibility into the scope and duration of these effects is limited.
We are pre-emptively preparing for the effects of this situation by systematically reducing our operating expenses.
As there is great uncertainty regarding the development of the pandemic, it is still too early to quantify its impact on our financial performance.
For these reasons, our earlier business performance outlook for the year 2020 issued on 14 February 2020 no longer applies.
The earlier business outlook, issued in the Financial Statement Release on 14 February 2020, was:
For the year 2020, we expect revenue growth of 10-15 percent and an improving operating result. The growth rates and profitability vary significantly between our product lines as the products are in different stages of maturity and investment phases. We expect clearly faster growth rates for PrivX® and NQX®, steady growth for UKM® matching the industry growth rate, and modest growth for Tectia®, which is our most mature product. The combined effect of these growth rates will result in moderate short-term growth, which we expect to accelerate over the next several years.
SSH COMMUNICATIONS SECURITY OYJ
Board of Directors
Kaisa Olkkonen
CEO
For further information, please contact:
Kaisa Olkkonen, CEO, tel. +358 40 5795216
Niklas Nordström, CFO, tel. +358 50 5410543
Distribution:
Nasdaq Helsinki Oy
Major media
www.ssh.com
SSH Communications Security
SSH.COM helps organizations access, secure, and control their digital core – their critical data, applications, and services. We have over 3,000 customers around the world, including 40 percent of Fortune 500 companies, many of the world's largest financial institutions, and major organizations in all verticals. We are committed to helping our customers thrive in the cloud era with solutions that offer secure access with zero inertia, zero friction, and zero credentials risk. SSH.COM sells online; through offices in North America, Europe, and Asia; and through a global network of certified partners. The company's shares (SSH1V) are quoted on the NASDAQ Helsinki. For more information, visit www.ssh.com.