NZ's Cavalier Corp eyes best day in over one month on strong sales, outlook

Bremworth

23/12/2020 02:44

** Shares of Cavalier Corp Ltd  CAV.NZ  rise as much as 7.3%
to NZ$0.37, marking their biggest intraday pct gain since Nov.
18
    ** Carpet maker says it has experienced
stronger-than-expected trading so far in half-year ending
December, enabling it to fully repay bank debt as at Nov. 30
 urn:newsml:reuters.com:*:nNZW69152f
    ** Expects NZ woollen carpet sales volumes for FY21 to be
higher than the prior year and sales in Australia to improve
when coronavirus-related disruptions ease
    ** CAV expects normalised EBITDA for half-year in the range
of NZ$4 mln-NZ$5 mln ($2.82 mln-$3.52 mln), compared with NZ$3
mln a year earlier
    ** Stock rises to its highest since Dec. 2
    ** Stock has risen 7.8% this year, as of last close

($1 = 1.4198 New Zealand dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))