Australia's Close The Loop hits record high on FY outlook upgrade

Close The Loop

01/06/2022 03:25

** Shares of recycling solutions co Close The Loop  CLG.AX 
climb as much as 29.7% to their all-time high of A$0.480
    ** Co upgrades its FY22 EBITDA forecast by 10.5% to A$13.6
mln ($9.76 mln) and lifts its revenue forecast by 11% to A$82
mln  urn:newsml:reuters.com:*:nASX7gPfQx
    ** Co says its current annual revenue run rate, including
recent acquisitions, equates to over A$100 mln
    ** Says it is taking initiatives for production capacity
increases, efficiency improvements, new product ranges and
strategic acquisition opportunities
    ** Adds it is looking to expand its sustainable packaging
business in South Africa
    ** Shares on track to post their best day 
    ** More than 1.2 mln shares trade hands, 7.3 times the
30-day average of 168,751 shares
    ** As of last close, stock up 23.3% this year

    ($1 = 1.3930 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))