Australia's Autosports Group rises most in 5-1/2 months on strong HY results

Autosports

22/02/2023 24:14

** Shares of Autosports Group Ltd  ASG.AX  jump 7.1% to
A$2.26, hitting their highest since Sept 6 
    ** Automotive dealer says HY profit after tax attributable
rose 71.8% to A$34.2 mln ($23.46 mln), declares interim dividend
of 9 AU cents per share
    ** Co logs 16.6% rise in HY revenue to A$1.06 bln, beating a
consensus estimate of A$1.02 bln 
    ** Says it expects to continue growth momentum into second
half and its new vehicle supply is expected to continue its
gradual improvement through the second half of FY2023
    ** UBS analysts say results a strong operating beat, driven
by new vehicle revenue; set "buy" rating and price target of
A$3.10  
    ** ASG stock had risen ~3.9% this year, as of last close
($1 = 1.4575 Australian dollars)
 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))