Australia's CAR Group climbs to 3-week high on upbeat FY results, forecast

CAR

12/08/2024 02:08

** Shares of CAR Group  CAR.AX  rise as much as 4.6% to
A$35.180, their highest level since July 24
    ** Stock on track for a third day of consecutive gains
    ** The online automotive marketplace provider posts a 24%
rise in adjusted net profit after tax for FY24 and 41% jump in
revenue
    ** Says results were underpinned by a robust used car market
    ** Co expects to deliver good growth in revenue, adjusted
EBITDA and adjusted NPAT for FY25 on a constant currency basis 
    ** Sees similar adjusted EBITDA margins in FY25 
    ** Stock up 8% YTD, as of last close
   

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))