Australia's IVE Group hits 5-week high after acquisitions

Ive

18/10/2021 05:32

** Shares of marketing firm IVE Group Ltd  IGL.AX  rise as
much as 6.3% to A$1.680, their highest since Sept. 13
    ** Co acquires Australia-based visual merchandising co
Active Display Group (ADG) and fabric signage printer firm AFI
Branding Solutions  urn:newsml:reuters.com:*:nASX6bHcxv
    ** Total purchase consideration A$6.5 mln ($4.81 mln)
    ** Says acquisition to contribute annual rev of about A$45
mln, additional EBITDA of A$6 mln, and NPAT of A$4 mln
    ** Stock sees best day since Aug. 26
    ** More than 420,000 shares traded vs their 30-day moving
avg of about 250,000 shares; stock sees busiest day since Oct. 1
    ** IGL up 10.9% YTD, as of last close

($1 = 1.3506 Australian dollars)

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