Australia's Credit Corp top loser on ASX 200 after co flags tough business conditions

Credit

02/08/2022 02:04

** Shares of Credit Corp Group Ltd  CCP.AX  slump up to
16.5% to A$20.31, their worst intraday session since March 2020
    ** The credit management services provider flags continued
challenges in the U.S. market due to workforce constraints 
 urn:newsml:reuters.com:*:nASX9dmlxS
    ** Does not see a significant recovery in Australia/New
Zealand purchased debt ledger sale volumes in fiscal 2023
    ** Expects NPAT for FY23 between A$90 mln ($63.19 mln) and
A$97 mln - below consensus estimate of A$110 mln
    ** Jefferies notes that conditions in Australia are likely
to remain supply constrained in the near term
    ** Stock touches its lowest level since July 5 and is the
top loser in the ASX 200 benchmark  .AXJO  index 
    ** About 456,000 shares change hands, compared with the
30-day average volume of 238,000 shares
    ** Stock down 27.4% this year, as of last close

     ($1 = 1.4243 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))