Australia's CAR Group hits 1-month high on exiting tyre business

CAR

14/01/2025 24:12

** Shares of CAR Group  CAR.AX  rise as much as 3.8% to
A$38.91, hitting their highest since Dec. 12
    ** Online vehicle marketplace provider to exit its
Australian Tyres business consisting of wholesale division
tyreconnect and online platform tyresales.com.au
    ** Co says decision follows difficulty in achieving
sustainable profitability in a "highly competitive" tyre retail
and wholesale market
    ** Co to sell certain assets of tyreconnect to a third
party, no further transactional details provided on sale
    ** Adds co expects to deliver good growth in proforma
revenue and adjusted NPAT in FY25 due to closure of tyres
business unit
    ** Stock up 7.9% YTD, including current session's moves

 (Reporting by Nikita Maria Jino in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com))