BUZZ-Australia's CAR Group hits 1-month high on exiting tyre business

Reuters

Jan 14, 2025

** Shares of CAR Group CAR.AX rise as much as 3.8% to A$38.91, hitting their highest since Dec. 12

** Online vehicle marketplace provider to exit its Australian Tyres business consisting of wholesale division tyreconnect and online platform tyresales.com.au

** Co says decision follows difficulty in achieving sustainable profitability in a "highly competitive" tyre retail and wholesale market

** Co to sell certain assets of tyreconnect to a third party, no further transactional details provided on sale

** Adds co expects to deliver good growth in proforma revenue and adjusted NPAT in FY25 due to closure of tyres business unit

** Stock up 7.9% YTD, including current session's moves

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com))

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