Pexa Group Shares Witness Sharp Decline Amid Market Uncertainties
Pexa Group (PXA.AX) faced a substantial setback on Wednesday, with its shares plummeting over 10%, marking the most challenging trading day in nearly four months. The digital property settlements platform attributed this decline to ongoing uncertainties in its primary markets, Australia and the UK.
Market Performance and Intraday Loss
The stock’s value dropped to A$11.080 by 0042 GMT, experiencing a significant 10.5% decline and reaching its lowest point since November 17. This downturn positioned Pexa Group as the leading decliner on the benchmark stock index (.AXJO), marking its most substantial intraday setback since August 25.
Pexa Group shed light on a spectrum of uncertainties persisting in the markets it navigates, spanning from the latter part of November through December. The company anticipates fiscal year 2024 business revenue in the range of A$315 million to A$325 million ($212.66 million-$219.41 million), excluding the impact of its recent acquisition of UK-based conveyance technology provider Smoove (SMV.L). Notably, approximately half of this projected revenue is foreseen in the initial half of the fiscal year.
In terms of guidance, the group pinpointed a group operating earnings before interest, tax, depreciation, and amortization (EBITDA) range of A$109 million to A$115 million.
Furthermore, Pexa Group provided insights into its Digital Growth business, forecasting a 5%-10% sequential decline in revenue for the first half of the fiscal year. Adjusting for the impact of a substantial one-off fee received in the preceding period, the outlook is for revenue to remain broadly steady.
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