Australia's Challenger slumps after FY24 outlook miss

Challenger

15/08/2023 01:50

** Shares of Challenger Ltd  CGF.AX  fall as much as 5.9% to
A$6.55, set for their biggest pct loss since March 14
    ** Stock hits lowest level since July 13
    ** Investment management company posts FY23 net profit
attributable A$287.5 mln ($186.59 mln) vs A$253.7 million a year
ago
    ** FY revenue from ordinary activities at A$2,459.3 mln vs
A$1,212.7 mln
    ** Targets FY24 normalised net profit before tax guidance
between A$555 mln and A$605 mln
    ** Brokerage Citi says FY24 guidance is a little softer than
its expectations 
    ** Overall the result is a little mixed with a slightly
better than FY23 outcome but slightly softer FY24 guidance -
Citi
    ** Stock down 8.7% this year, as of last close



($1 = 1.5408 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))