Australia's Link Administration tops ASX 200 losses on contract renewal fallout

Link Administration Holdings

30/06/2023 02:25

** Shares of Australia's Link Administration  LNK.AX  fall
as much as 8.3% to A$1.78, hits lowest level since December 2022
    ** The share registry firm is currently the top loser on the
domestic benchmark  .AXJO  index as at 0111 GMT
    ** Co says its contract for the provision of fund
administration services to HESTA will not be renewed
    ** HESTA is an Australian industry superannuation fund for
workers in health and community service sectors
    ** LNK says HESTA represents approximately 4% of Link
Group’s FY23 estimated group rev
    ** Shares fell even though Link Group expects FY23 operating
EBIT growth to be slightly above the upper end of the 10%-12%
guidance range
    ** Stock has fallen 1.8% this year as of last close
 

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