Australia's Comms Group gains on $6.4 million TasmaNet acquisition

Comms

16/05/2025 01:38

** Shares of Comms Group CCG.AX rise as much as 15% to A$0.069, their highest level since April 24

** IT services firm says it will acquire the business and assets of TasmaNet, a Tasmanian IT firm, for A$10 million ($6.41 million)

** Following the acquisition, co expects combined proforma annualised revenue of A$75 million and annualised underlying EBITDA of A$9 million - A$10 million

** Stock set for biggest intraday gain since April 15, if current trend holds

** CCG down 25.9% YTD

($1 = 1.5605 Australian dollars)

(Reporting by Adwitiya Srivastava in Bengaluru)

((Adwitiya.Srivastava@thomsonreuters.com))