Australia's RPM Automotive gains on strong quarterly results

Rpm Automotive

18/10/2022 03:27

** Shares of RPM Automotive  RPM.AX  rise as much as 5% to
A$0.210, their highest since Oct 11 
    ** The auto part dealer reports a Q1 FY23 earnings before
interest, tax, depreciation and amortization of A$2.6 mln  
($1.64 mln), up 17% from the previous quarter  urn:newsml:reuters.com:*:nFWN31I3FS
    ** Also posts a 7% sequential quarterly jump in revenue to
A$28.4 mln, due to increased cross-selling between wholesale and
retail; and contribution from completion of acquisition of AFT
Automotive Group on July 1 
    ** Says it remains confident that its vertically integrated
business model will continue to deliver sustainable revenue
growth
    ** RPM stock down ~35.5% this year, as of last close
     ($1 = 1.5886 Australian dollars)
 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))