Dubber (ASX:DUB) said that its wholly-owned unit Aeriandi advised that VirginMedia O2 confirmed that it will not renew its existing agreement to provide call recording and wholesale SIP services that expires on June 30, according to a Tuesday Australian bourse filing.
Dubber said it will provide a further update after taking further advice, and after it holds face-to-face meetings scheduled with VirginMedia O2 this week.
The impact on the firm is expected to be material, and if the termination proceeds, it will see a gross margin reduction of around AU$7 million before any further mitigating actions are taken.
It said it will take prompt action to eliminate the expenses associated with this contract and seek further cost reductions.
The firm's shares plunged over 45% on market close on Tuesday.
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