Australian IT consultancy firm SOCO slips on slow FY24 start

Soco

24/10/2023 02:07

** Shares of SOCO Corp  SOC.AX  fall as much as 10.7% to
A$0.250, marking their worst intraday pct loss since Sept. 5
    ** SOC at its lowest since Sept. 12
    ** IT consultancy firm says FY24 has started slower than
FY23
    ** Co announces acquisition of IT firm Axsym Technology for
A$4.3 mln ($2.73 mln) in cash and A$3.2 mln in SOC shares
    ** Says transaction expected to be EPS-accretive in FY24
    ** Continues to expect FY24 revenue to be marginally higher
than FY23, excluding Axsym
    ** SOC down 16.7% this year, as of last close


($1 = 1.5770 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))