Australia's XTEK hits 1-week high on revised FY23 revenue forecast

Highcom

29/06/2023 01:50

** Shares of XTEK Ltd  XTE.AX  gain as much as 7.9% to
A$0.415, hit highest level since June 21
    ** The defence products maker hikes FY23 forecasted revenue
to between A$86 mln and A$88 mln ($56.77 mln-$58.09 mln),
compared with earlier forecast of A$82 mln    
    ** Co expects FY23 EBITDA to be between A$9 mln and A$10.5
mln, up from the FY22 unadjusted EBITDA of A$8.97 mln
    ** Remains confident about continuing its growth trajectory
in FY24
    ** XTE on track for best day since May 22, if gains hold
    ** More than 196,000 shares change hands, compared with the
30-day average volume of about 162,000 shares
    ** Stock down 36.9% this year, as of last close 
 
     ($1 = 1.5149 Australian dollars)

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))