Australia's Comms Group gains on solid earnings forecast

Comms

21/06/2023 03:14

** Shares of Comms Group  CCG.AX  rise as much as 9.4% to
A$0.07, their highest since April 12
    ** IT co says plans to deliver revenue and recurring revenue
growth, with significant improvements in EBITDA and cash flow
for current FY and into FY24
    ** Co expects FY23 revenue to exceed A$50 mln ($33.93 mln),
up from A$41.3 mln in FY22
    ** Says FY23 underlying EBITDA expected in the range of
A$4.8 mln to A$5 mln, compared with A$4.1 mln in FY22
    ** Says preliminary guidance for FY24 underlying EBITDA of
about A$7 mln
    ** Stock down ~16% YTD, as of last close

($1 = 1.4736 Australian dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))