Australia's Lynch Group up after raising FY profit forecast

Lynch group

01/06/2023 05:52

(Updates share moves and milestones)
    ** Shares of horticulture firm Lynch Group Holdings  LGL.AX 
surge as much as 15.6% to A$2.19, posting their biggest intraday
pct gain ever
        ** LGL hits highest level since Nov. 17, 2022
  
    ** LGL expects to post FY23 group EBITDA between A$42 mln
($28.49 mln) and A$43 mln, compared with prior forecast of A$36
mln- A$40 mln
    ** LGL expects to resume dividend in H2 FY23
    ** LGL says consumer demand for floral products remains
strong
    ** Stock among top gainers on the ASX All Ordinaries index
 .AORD 
    ** As of last close, LGL stock up 26.3% this year

($1 = 1.4743 Australian dollars)

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