Australia's Matrix Composites & Engineering jumps on purchase order

Matrix Composites & Engineering

04/09/2023 05:11

** Shares of Matrix Composites & Engineering  MCE.AX  jump
as much as 17.3% to A$0.305, posting their biggest intraday pct.
gain since Feb. 8
    ** The engineering products and service company says it has
received a purchase order valued at approx. A$13 mln ($8.40 mln)
from Cosmos Shoji to supply a deepwater riser buoyancy system
    ** Delivery currently scheduled for second half of FY24 -
MCE
    ** Says locked in nearly A$70 mln of secured revenue in FY24
for subsea projects alone with this award
    ** Stock hits its highest level since June 9 and is on track
to record a second consecutive session of gains, if trend holds
    ** About 1.6 mln shares exchange hands vs the 30-day avg. of
134,031 shares 
    ** MCE stock down 6.5% YTD, as of last close 


($1 = 1.5470 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))