Australia's Johns Lyng falls to bottom of ASX200 on weak H1 profit

Johns Lyng

27/02/2024 24:30

** Shares of building services provider Johns Lyng Group
 JLG.AX  fall as much as 21.3% to A$5.670, their worst intraday
pct drop 
    ** JLG stock at its lowest level since Dec 21, and is worst
loser in the ASX 200 benchmark index  .AXJO 
    ** More than 1.7 mln shares change hands, vs the 30-day
average of 557,533 shares
    ** JLG's 1H24 profit after tax attributable falls 7.3% to
A$23.4 mln ($15.29 mln)
    ** 1H revenue falls about 4% to A$610.6 mln
    ** 1H24 Insurance Building and Restoration (IB&RS)
business-as-usual (BAU) sales revenue was A$426.1 mln, up 13.7%
y/y
    ** Market is likely to be somewhat disappointed at
slower-than-expected momentum in BAU - Citi
    ** JLG stock up 17.7% this year, as of last close

   ($1 = 1.5305 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))