Southern Cross Electrical Engineering jumps on outlook hike after acquisition

Southern Cross Electrical Engineering

13/05/2024 01:50

** Aussie electrical services firm Southern Cross Electrical
Engineering  SXE.AX  rises as much as 4.4% to A$1.550, their
highest level since January 2010
    ** SXE marks its second straight day of gains
    ** More than 690,000 shares change hands, vs the 30-day
average of 578,280 shares 
    ** SXE announces acquisition of MDE Group, a Sydney-based
electrical and communications specialist
    ** Deal for an enterprise value of up to A$10.55 mln ($6.96
mln)
    ** Says acquisition results in FY25 outlook expectation to
increase to at least A$53 mln from prior view of A$48 mln
    ** SXE up 77.8% this year as of last close


($1 = 1.5158 Australian dollars)

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