Australia's Vection Technologies rises most in 1 month on strong outlook

Vection Technologies

14/04/2023 05:09

** Shares of Vection Technologies Ltd  VR1.AX  rise as much
as 13.3% to A$0.051, their biggest intraday pct gain since March
2
    ** Software developer reports increase in its FY23 total
contract value (TCV) to ~A$16 mln($10.86 mln) at April 14, up
60% compared to TCV announced on Jan 31, 2023
    ** Adds increase in TCV further builds up on the growth and
scale expected for the second half of fiscal 2023, expected to
generate a revenue guidance of A$24 mln to A$26 mln
    ** Further adds strong outlook for fiscal 2023 ahead of
revenue guidance
    ** Stock posts its highest since March 16
    ** More than 1.5 mln shares change hands, vs the 30-day
average volume of 1.4 mln shares
    ** Stock has fallen 18.2% this year, as of last close
    
  


($1 = 1.4732 Australian dollars)

 (Reporting By Udbhav Krishna P in Bengaluru)
 ((UdbhavKrishna.P@thomsonreuters.com))