Australia's Motio rises on affirming FY24 revenue forecast

Motio

10/05/2024 03:23

** Shares of Motio  MXO.AX  rise as much as 23.5% to
A$0.021, their highest since April 23
    ** Stock posts its biggest intraday gain since Apr. 29
    ** Media firm affirms FY24 revenue target of A$7.7 mln -
A$8.2 mln ($5.09 mln - $5.42 mln)    
    ** Says media sales remain strong for the quarter 
    ** Adds co is targeting revenue growth of 10%-15% YOY for
FY25, about A$8.8 mln - A$9.2 mln
    ** Says FY25 Cash EBITDA target (after office rent expense)
to exceed A$1.0M
    ** About 1.3 mln shares change hands, compared with the
30-day average volume of 141,112
    ** Stock has fallen 45.2% this year as of last close


($1 = 1.5142 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))