Australia's Stealth Global hits 4-month high on United Tools deal, upbeat HY revenue

Stealth group

12/01/2022 02:09

** Shares of Stealth Global Holdings  SGI.AX  jump as much
as 24.1% to A$0.180, their highest since Sept 14 
    ** The safety products supplier posts 1H22 sales of about
A$46.5 mln ($33.54 mln), up 53% on 1H21  urn:newsml:reuters.com:*:nASN0021LE
    ** Co also acquires independent tool retailers United Tools
Ltd for A$25,000 in cash and a deferred market subsidy of A$1.25
mln over two years 
    ** Says deal to expand its Australian retail footprint,
buying power and market position
    ** Expects annual revenue from co's Australian operations to
reach more than A$100 mln when a full year of United Tools
operations are incorporated into Stealth's financial results
    ** Stock posts its biggest intraday percentage gain since
Nov 29, 2021
    ** Volumes are about 6.5 times their 30-day avg of more than
110,000 shares
    ** SGI stock up ~11.5% this year, as of last close 
    

     ($1 = 1.3866 Australian dollars)

 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))