News: NXL UPDATE 1-Australia's Nuix cuts revenue outlook on licence upgrade uncertainty

(Adds details on media coverage)

May 31 (Reuters) - Australian intelligence software provider Nuix Ltd (NXL) downgraded its fiscal 2021 pro-forma revenue forecast on Monday, citing uncertainties related to expected licence upgrades by existing customers and the addition of new customers.

The company cut its expected FY21 pro-forma revenue range to A$173 million to A$182 million ($133.4 million-$140.3 million), from the A$180 million to A$185 million forecast in April.

It also downgraded its outlook range for annualised contract value to A$165 million to A$172 million, from A$168 million to A$177 million expected earlier.

The forecast downgrades come two weeks after the company was the subject of a joint investigation https://www.smh.com.au/business/companies/anaemic-at-best-the-inside-story-of-how-the-macquarie-backed-nuix-float-went-sour-20210515-p57sa1.html by several media outlets that alleged issues with its governance and quality of financial accounts prior to listing.

Since then, the company's senior executives have promised to do better and have terminated a consultancy agreement with co-founder Tony Castagna, who is now the subject of an Australian Federal Police investigation https://www.smh.com.au/business/companies/nuix-cuts-ties-with-former-chairman-tony-castagna-after-afp-confirms-probe-20210528-p57vyb.html over possible breaches of the Corporations Act.

The company kept its pro-forma earnings before interest, taxes, depreciation, and amortisation (EBITDA) forecast of A$64.6 million to A$66.6 million unchanged.

($1 = 1.2970 Australian dollars)