Australia's Booktopia Group falls on withdrawal of guidance

Booktopia

03/06/2024 02:25

** Shares of Booktopia Group  BKG.AX  fall as much as 7% to
A$ 0.053, their lowest level since May 24
    ** Stock set for worst day since May 24 if current losses
hold
    ** Online book retailer says it is no longer in a position
to provide guidance and withdraws the forecast provided on Feb.
9 due to a decline in revenue
    ** Says organisation proposed to be substantially
restructured with at least 50 roles considered for redundancy
    ** Stock down 9.5% this year, as of last close

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))