Australia's GR Engineering Services drops on lowering earnings outlook

GR Engineering Services

30/05/2024 02:25

** Shares of GR Engineering Services  GNG.AX  fall 3.7% to
A$2.10, their lowest level since Sept. 22, 2023
    ** Construction services provider lowers its FY24 revenue
guidance to A$415 mln ($274.48 mln) to A$430 mln range, from
previous expectation of A$500 mln to A$530 mln
    ** Says, guidance downgrade due to delays in expected
contract awards across the group
    ** Sees FY24 EBITDA between A$50 mln and A$51 mln, slightly
higher than A$44.4 mln in FY23
    ** Stock down 1.8% YTD as of last close
 


($1 = 1.5119 Australian dollars)

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