Australia's Dynamic Group rises on positive FY results and outlook

BWE Drilling

31/08/2022 02:42

* Shares of specialized drilling service provider Dynamic
Group Holdings  DDB.AX  rise as much as 14.5% to A$0.355, their
biggest intraday pct jump since July 11
    ** Co posts FY normalised net profit after tax of A$9.2 mln
($6.31 mln), a near five-fold jump from last year  urn:newsml:reuters.com:*:nGLF2Xrjwz
    ** Co also reports FY revenue of A$74.1 mln, compared with
A$23.3 mln reported a year earlier
    ** Says "well positioned" to service the WA mining sector,
with a "sustained demand outlook"
    ** "Remains well placed to leverage growing demand for
specialist drill and blast, exploration and water drilling
services"
    ** Stock at its highest since Aug 15
    ** More than 137,000 shares change hands, vs the 30-day
average volume of 43,835 shares
    ** Stock down 29.6% this year as of last close


($1 = 1.4569 Australian dollars)

 (Reporting by Rishav Chatterjee)
 ((Rishav.Chatterjee@thomsonreuters.com;))