Australia's Straker plunges to 7-month low after FY25 revenue forecast cut

Arbitr

14/11/2024 24:08

** Shares of subscription services provider Straker Ltd
 STG.AX  fall as much as 17.9% to A$0.390, their biggest
intra-day pct drop since March 18
    ** Co expects FY25 revenue to come in range of A$43 mln
($27.91 mln) - A$45 mln vs A$50 mln reported in FY24
    ** Says expected drop in revenue is mainly due to the IDEST
business in Europe, which has been affected by the non-renewal
of two low-margin contracts
    ** Expects FY25 gross margin to remain at least as strong as
the 63.8% reported in FY24
    ** Shares hit their lowest level since Oct. 24 
    ** More than 6.7 mln shares change hands vs the 30-day
average volume of ~5.8 mln shares  
    ** Stock down 19.6% YTD, including current session's moves 


($1 = 1.5406 Australian dollars)

 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com))