Academies Australasia drops most in over 2 months on weak FY24 start

Academies Australasia

17/11/2023 04:42

** Shares of Academies Australasia Group Ltd  AKG.AX  fall
as much as 9.3% to A$0.245, their biggest intraday loss since
Aug. 31 
    ** The education provider says EBITDA for the four months to
Oct 31 was A$1.38 mln ($892,170.00) vs A$2.8 mln a year ago
    ** Says EBITDA reduced due to fall in margin to 45% from 55%
between July and October
    ** Adds it is yet to shake off issues arising from COVID-19
pandemic - high rejection rates for student visas and loss of
students benefiting from free pandemic event visas
    ** Stock posts its biggest intraday percentage fall since
Oct. 10 
    ** 157,518 shares change hands, compared with the 30-day
average volume of 5,171
    ** Stock has fallen 32.5% this year, as of last close

($1 = 1.5468 Australian dollars)

 (Reporting by Neha Soni in Bengaluru)
 ((Neha.Soni@thomsonreuters.com;))