Australia's Mader Group hits two-week high on upbeat revenue, forecast
31/01/2022 24:17
** Shares of Mader Group Ltd MAD.AX gain as much as 9.2%
to A$2.26, their highest since Jan 17
** The business support services provider posts a 32%
increase in its quarterly revenue to A$94.1 mln ($65.79
mln) urn:newsml:reuters.com:*:nASN0022RU
** Co says reason for revenue growth is due to robust
commodity prices, thereby increasing demand for the mining
sector, especially in regions such as Western Australia,
Northern Territory and Southern Australia
** Co says it has upgraded its FY22 revenue outlook to at
least A$370 mln and net profit after tax of at least A$24 mln on
the basis that demand for its services will continue
** Stock more than doubled in 2021
($1 = 1.4302 Australian dollars)
(Reporting by Archishma Iyer)
((Archishma.Iyer@thomsonreuters.com;))