Australia's AMA Group plunges most in more than 3 years on annual outlook cut

Ama

17/04/2023 01:49

** Automotive aftercare and accessories firm AMA Group Ltd
 AMA.AX  plunges as much as 32.7% to A$0.165, posting its
biggest intraday pct drop since February 2020
    ** Co cuts FY23 normalised EBITDA outlook to between A$60
mln ($40.26 mln) and A$68 mln, from prior view of between A$70
mln and A$90 mln
    ** Says ongoing margin compression adverse to expectations,
labour constraint impacting strong repair volume demand
    ** Adds high inflation, increase in severity of repairs
continuing to impact cost to repair, compressing margins
    ** AMA at its lowest since Sept. 5, 2022; more than 3.3 mln
shares change hands, vs the 30-day average of 1.03 mln shares
    ** Stock worst performer in the ASX All Ordinaries index
 .AORD 
    ** AMA up 14% this year, as of last close, vs a 4.7%
increase in the ASX All Ordinaries index 


($1 = 1.4903 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))