Australia's X2M Connect expects strong 2022 as connections jump

X2M Connect

04/07/2022 06:40

** Shares of X2M Connect Ltd  X2M.AX  rise as much as 5.6%
to A$0.095, their highest since June 28
    ** The smart devices solutions provider sees fiscal 2022
revenue at A$10.1 mln ($6.89 mln) compared to A$5.7 mln reported
in FY21  urn:newsml:reuters.com:*:nGLF5y7mXF
    ** Says strong revenue growth is driven by a rise in
connected devices, which are up 94% as of May 31 vs last year
    ** Expects momentum to continue into FY23 with contracted
FY23 revenues already at about 60% of FY22 forecast
    ** Stock on track for its biggest pct gain since June 28, if
gains hold
    ** Stock down 51.4% this year, as of last close


($1 = 1.4661 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))