MUNICH (dpa-AFX) - IT service provider Nagarro is again lowering its sales forecast. Due to unfavorable currency developments and restraint in some projects, revenues in 2023 are only expected to be in the order of 915 million euros, the company announced on Friday evening. Nagarro had only lowered its sales expectation from over one billion to 940 million euros in mid-May.

The company is now targeting a gross margin of 26 percent. Previously, Nagarro had expected two percentage points more. The Ebitda margin (earnings before interest, taxes, depreciation and amortization) is now expected to be 13 percent instead of 15 percent. All new forecasts are based on current exchange rates and do not take into account future acquisitions.

Investors were upset: Nagarro shares came under pressure on the Tradegate platform after the announcement and lost more than two percent compared to the close of trading on Xetra./he/la