Australia's Audinate tops ASX 200 on strong annual profit

Audinate

19/08/2024 01:58

** Shares of audio-visual hardware developer Audinate Group
 AD8.AX  rise as much as 11.6% to A$10.55, their highest level
since Aug. 5
    ** AD8 best performer in the ASX200 benchmark index  .AXJO ,
posts best intraday gain since Aug. 8
    ** Co logs FY24 profit attributable of A$10.2 mln ($6.82
mln), ahead of Visible Alpha consensus of A$8.8 mln
    ** Clocks record annual gross profit of A$68 mln, largely in
line with consensus of A$67.6 mln
    ** Flags weak revenue in FY25 but predicts growth in FY26
    ** AD8 down 41.6% this year, as of last close

($1 = 1.4963 Australian dollars)

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