Sygnity to lose PLN 62 mln on its long-term contracts

WSE-listed IT firm Sygnity will take a PLN 62 million hit on its 2016/17 financial results stemming from risks related to its long-term contracts, including a PLN 51 million digital tax program for the public administration. According to the announcement, the company identified, per the auditor's recommendation, “a significant risk of a major change in the valuation of the long-term project for public administration, coming from a supplementary agreement for this project, which the company announced in 2016.” Furthermore, Sygnity will revise budgets of several other multi-year contracts. Back in October, Sygnity announced that will make write-downs of at least PLN 119.9 million for the 2016/2017 fiscal year, which ended on September 30, 2017.