Australia's IPH soars on positive FY results, acquisition of IP firm

IPH

17/08/2023 01:55

** Shares of IPH Ltd  IPH.AX  soar as much as 16.1% to
A$8.50, hits highest since March 10 
    ** The intellectual property services provider posts
23%increase in its annual net profit after tax to A$64.5 mln 
($41.29 mln), driven by currency fluctuations in the AUD/USD
pair and acquisition of Smart & Biggar business 
    ** Co posts FY 2023 revenue of A$496.2 million ($317.62
million), up 29%; declares final dividend 17.5 AU cents per
share
    ** Co separately announces the acquisition of Canadian IP
services firm Ridout & Maybee for A$74 million, which will
operate under  Smart & Biggar brand 
    ** "Solid result overall; combined with new acquisition,
this should see stock up," analysts from UBS say  
    ** Stock emerges as one of the top gainer on the benchmark 
    ** Stock has fallen ~16.2% this year as of last close


($1 = 1.5623 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))