(Reuters) – Shares of Australia’s Pexa Group fell more than 10% on Wednesday and were on track for their worst session in nearly four months, after the digital property settlements platform flagged continued uncertainties in its key markets.
The stock fell as much as 10.5% to A$11.080 by 0042 GMT, posting its biggest intraday loss since Aug. 25 and hitting its lowest level since Nov. 17. It was also the top loser on the benchmark stock index.
Pexa Group said a range of uncertainties continued to impact the markets it operates in, namely Australia and the UK, through the end of November and into December.
The group expects to record business revenue in the range of A$315 million to A$325 million ($212.66 million-$219.41 million) in fiscal 2024, excluding the impact of acquiring UK-based conveyance technology provider Smoove. It expects about half of the revenue to be derived in the first half.
Group operating earnings before interest, tax, depreciation and amortization are expected to come between A$109 million and A$115 million.
Moreover, it forecasted revenue from its Digital Growth business for the first half of the fiscal year to be 5%-10% lower sequentially, or broadly flat after adjusting for the effect of a large one-off fee received in the prior period.
($1 = 1.4813 Australian dollars)
(Reporting by Echha Jain in Bengaluru; Editing by Subhranshu Sahu)
