Australia's Comms Group hits over 2-month high on FY21 guidance, acquisition

Comms

06/04/2021 02:18

** Shares of Comms Group  CCG.AX  rise as much as 12% to
A$0.084, marking their biggest intraday percentage gain since
Feb. 1
    ** Cloud communications provider says it sees some steady
organic growth in the second half of 2021  urn:newsml:reuters.com:*:nASXcgNgkQ
    ** Expects run-rate revenue and EBITDA for FY21 to be over
A$35 mln ($26.79 mln) and A$4 mln, respectively
    ** Last year, co reported revenue of A$19.3 mln and EBITDA
of A$2.2 mln
    ** Stock hits highest since Feb. 24 
    ** Co also purchases telecom services provider Binary
Networks for A$1.8 mln 
    ** Stock down 25% this year, as of last close 

($1 = 1.3063 Australian dollars)

 (Reporting by Tejaswi Marthi in Bengaluru)
 ((tejaswi.marthi@thomsonreuters.com))