Australia's Johns Lyng Group falls to 3-1/2-year low on softer-than-expected FY results

Johns Lyng

27/08/2024 02:20

** Shares of building services provider Johns Lyng Group
 JLG.AX  drop as much as 32.9% to A$3.740, their lowest since
late-March 2021 
    ** Stock set for its worst day, if losses hold
    ** Co posts FY24 revenue of A$1.16 bln ($785.55 bln), 5-6%
below expectations, and also below its own forecast of A$1.21
bln
    ** Posts FY Business as Usual (BAU) revenue, excluding
commercial construction, of A$929.7 mln - missing co's forecast
of A$1.01 bln and consensus estimate of A$997 mln
    ** FY Underlying EBITDA also 2% below expectations
    ** JLG is likely to face more questions than assurance from
the market on BAU given its miss vs expectations - Citi
    ** Stock top loser on ASX 200 benchmark index  .AXJo 
    ** As of last close, stock down 9% YTD

 
    ($1 = 1.4767 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))