NZ's Briscoe Group jumps to a month high as co sees higher HY profit on strong Q2

Briscoe

06/08/2021 24:09

** Shares of Briscoe Group Ltd  BGP.NZ  rise as much as 1.7%
to NZ$5.85, their highest since July 7
    ** The retail chain sees group's HY net profit after tax to
jump 64% to at least NZ$46 mln ($32.45 mln)  urn:newsml:reuters.com:*:nNZW5wg1w5
    ** Confident of producing another very strong full-year
result - group managing director, Rod Duke
    ** Reports HY total sales NZ$358.4 mln, up 22.6%
    ** Adds that after a negative Q1, Q2 positively impacted by
unprecedented increased post-lockdown demand which continued for
the remainder of the year
    ** Further says inventories will close higher than in recent
years which will help co in H2 to tackle shortages prevalent in
the wider retail market
    ** Stock posts its biggest intraday pct gain since July 12
    ** About 23,000 shares change hands, compared with the
30-day average volume of 18,000 shares
    ** Stock had risen 9.5% this year, as of last close


($1 = 1.4174 New Zealand dollars)

 (Reporting by Savyata Mishra in Bengaluru; Editing by
Christopher Cushing)
 ((Savyata.mishra@thomsonreuters.com))