Australia's Lynch Group hits record low on dismal H1 forecast

Lynch group

25/11/2022 04:45

** Shares of Lynch Group Ltd  LGL.AX  fall as much as 5.5%
to record low of A$1.7475 on weak H1 forecast
    ** Stock down for 7th session in a row, racking up losses of
~16% for the week, also its worst on record
    ** Horticulture firm expects 86%-89% drop in H1 FY23 net
profit after tax, excl some one-off costs  urn:newsml:reuters.com:*:nASX4Mqs58
    ** Expects group rev growth of 6-7% vs 10.9% growth yr-ago;
and EBITDA to drop 42%-50% in H1
    ** Says China demand softened on COVID-19 lockdowns, while
Australia ops continue to be hit by tight labour market
    ** Stock last down 4.6%, extending YTD losses to ~48%
 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com))