Australia's Collin Foods rises after strong FY results

Collins Foods

25/06/2024 04:16

(Updates share moves, adds analyst comment)
    ** Shares of Collin Foods  CKF.AX  surge as much as 11.6% to
A$10.4, set for their best day since June 27, 2023, if gains
hold 
    ** The Aussie KFC operator posts FY statutory net profit
after tax of A$76.7 mln ($51.04 mln), compared with A$12.7 mln a
year ago
    ** Co declares a fully franked final dividend of 15.5 AU
cents per share 
    ** Co reports a 10.4% rise in revenue from continuing ops of
A$1.49 bln due to growth across all business units     
    ** "We don't think the company is out of the woods given the
weaker-than-expected start to FY25 combined with increasing bird
flu outbreaks in Australia representing a potential black swan
event," says Citi
        ** Analysts at UBS expect the stock to outperform as
CKF's Australia KFC units performed better than initially feared
    ** Stock has fallen ~21.3% this year, as of last close

    ($1 = 1.5026 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))