Australia's PSC Insurance hits highest in 1 month on upgraded FY outlook

PSC Insurance

02/08/2023 04:00

** Shares of PSC Insurance  PSI.AX  climb as much as 4% to
A$4.990, their highest since July 5  
    ** The financial services provider upgrades its underlying
earnings before interest, tax, depreciation and amortisation
forecast to about A$111 mln ($73.35 mln) for FY2023, vs its
previous outlook of between A$104 mln and A$108 mln  urn:newsml:reuters.com:*:nFWN39I2ND
    ** Co also sees FY24 prelim underlying EBITDA in the range
of A$122 mln to A$127 mln, with operating segments positioned
well for growth
    ** "The FY24 guidance is pleasing given PSI has been
perceived to have less tailwinds from the strong renewal rate
increases being seen in property related risk classes," analysts
from E &P Financial say
    ** Shares on track for best day since July 21, if gains hold
    ** Stock down ~4.2% this year, as of last close

     ($1 = 1.5133 Australian dollars)

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