Australia's Adacel Technologies expects loss in FY24; shares hit 10-month low

Adacel Technologies

01/07/2024 04:52

** Shares of Adacel Technologies  ADA.AX  fall as much as
12.2% to A$0.505, their lowest level since Aug. 31, 2023
    ** Stock eyes worst day since Feb. 19, if losses hold
    ** Air traffic solutions provider sees loss before taxes
between $2.5 mln and $2.7 mln for FY24 
    ** Co earlier forecast profit before tax between $3 mln and
$3.25 mln for FY24, and posted profit of $0.9 mln in FY23
    ** Says FY24 results will include one-time severances,
restructuring and legal and professional charges of $0.7 mln
    ** Stock down 33.5% YTD, as of last close 
   

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))