Australia's Pexa Group tumbles on uncertain outlook

PEXA

20/12/2023 24:48

** Shares of Pexa Group  PXA.AX  slump as much as 10.5% to
A$11.08, set for worst session since Aug 25 - if losses hold
    ** Stock emerges as biggest loser in the benchmark index 
    ** Digital property settlements platform flags continued
uncertainties in markets it operates, Australia and UK
    ** Now sees business revenue for FY24 in a range of A$315
mln and A$325 mln ($212.81 mln-$219.57 mln), excluding the
impact of its acquisition of conveyance business Smoove
    ** Says half of revenues expected to be derived in H1 FY24  
    ** Forecasts group operating earnings before interest, tax,
depreciation and amortisation to be between A$109 mln and A$115
mln 
    ** Adds acquisition of Smoove will have immaterial impact on
Pexa's H124 revenue and earnings  
    ** Stock had risen 3.6% this year, as of last close

($1 = 1.4802 Australian dollars)

 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))