Australia's Simonds sees strongest day in nearly 9 years on home builder buy

Simonds

31/01/2025 04:22

** Shares of Simonds Group  SIO.AX  rise 46.7% to A$0.220,
their biggest intraday pct gain in nearly 9 years 
    ** Stock hits highest since Feb. 3, 2024
    ** Home builder says it will pay A$10 million ($6.22
million) to buy Dennis Family Homes, another builder which has
300 homes under construction
    ** Says deal will start boosting Simonds' earnings from Q1
FY26 and is expected to boost revenue by A$200 million that year
    ** Stock gained 57.1% YTD


($1 = 1.6082 Australian dollars)



 (Reporting by Jasmeen Ara Shaikh in Bengaluru)
 ((Jasmeenaraislam.shaikh@thomsonreuters.com))