PXA -6.04% was down 11% early but recovered half the losses on an FY23 result that was mixed, but ultimately a FY loss of $21.8m which is not good but not totally unexpected as they navigated considerable market volatility / headwinds while also investing for future growth. The real kicker came when they discussed the year ahead with guidance commentary implying the prospect of similar conditions to remain, we’re of the view that conditions should be improving and they would be seeing some early indications of said improvement – not the case so far.
- Weak result for FY23 as expected, however, the guidance was more sanguine than we hoped.
MM holds PXA in the Emerging Companies Portfolio
