Australia's Southern Cross Electrical at over 14-year high on strong growth outlook

Southern Cross Electrical Engineering

06/05/2024 01:39

** Shares of Australia's Southern Cross Electrical
Engineering  SXE.AX  rise as much as 23.3% to A$1.510, their
highest level since January 2010
    ** SXE marks its biggest intraday pct jump since late August
2019, and is top gainer in the ASX All Ordinaries index  .AORD 
    ** The maintenance services firm says unit awarded "Balance
of Plant" contract by Synergy for the Collie battery energy
storage system
    ** Contract worth about A$160 mln ($105.71 mln) to be
completed in final quarter of CY25
    ** Co expects FY25 EBITDA of at least A$48 mln, with FY24
profitability to match FY23 EBITDA of A$38.2 mln
    ** Adds "strong structural tailwinds support expectations of
further earnings growth in FY26 and beyond"
    ** SXE stock up 46.7% this year, as of last close

    ($1 = 1.5135 Australian dollars)

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