Australia's Ingenia Communities jumps on upbeat forecast, trading update

Ingenia Communities

27/05/2024 03:40

** Shares of Ingenia Communities Group  INA.AX  rise as much
as 4% to A$4.910, posting their biggest intraday pct jump since
Feb 2
    ** Property developer says it is on track to post FY24
results at the upper end of its guidance range
    ** Co sees FY24 EBIT growth of 10%–15% vs FY23 and
underlying EPS of 20.8 AU cents per share (cps) to 22.3 AU cps
    ** Co posted underlying EPS of 20.8 AU cps in FY23
    ** Says its residential communities continue to deliver
stable recurring rental income
    ** Says its holiday parks continue to experience strong
demand with solid performance over 3Q
    ** Says forward bookings remain elevated with bookings up 5%
through to May 2025 vs last year 
    ** Stock up 6.1% YTD, as of last close

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))