BUZZ-Australia's Coventry Group falls on downbeat trading update

Reuters
Aug 05
BUZZ-Australia's Coventry Group falls on downbeat trading update

** Shares of Coventry Group CYG.AX fall as much as 4.7% to A$0.71, their lowest level since August 21, 2020

** Industrial products distributor logs FY25 unaudited EBITDA of A$12.3 million ($7.95 million), down 40.9% from prior year

** Attributes lower earnings to softer market conditions across Australia and New Zealand as well as failure of sales growth strategies to deliver anticipated results, among others

** Also sees FY26 EBITDA of more than A$20 million, on expectations of focus on sales growth, cost reduction and debt reduction, among others

** Stock down 40.7% YTD, including the day's moves

($1 = 1.5477 Australian dollars)

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))

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