New Zealand Herald publisher falls most in 3 months on forecast cut

NZME

11/11/2024 01:13

** Shares of NZME  NZM.NZ  fall as much as 3.7% to NZ$1.030,
posting their biggest intraday pct loss since Aug. 12
    ** New Zealand Herald publisher lowers EBITDA forecast to a
range of NZ$53 mln to NZ$55 mln ($31.63 mln to $32.82 mln) for
FY24
    ** In April, co had forecast 2024 EBITDA in a range of NZ$57
mln to NZ$61 mln 
    ** Cites slower market recovery and lower-than-expected
advertising revenues
    ** Stock hits its lowest level since Oct. 18
    ** More than 28,000 shares change hands, 1.4x 30-day avg
    ** Stock down 3.7% YTD

($1 = 1.6759 New Zealand dollars)

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