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Austin Engineering (ANG) 40c

ANG +14.29%: the mining products company rallied to 9-month highs today after a strong trading update and improved 1H guidance. They now expect Revenue of $138-144m and Net Profit of $12-14m, an 8% and 18% upgrades at the midpoints respectively. The upgrade came from an increase in deliveries on the back of a record (and growing) order book as well as improving operational efficiencies, something the company has been focussing on since 2021. The strong demand has been underpinned by a higher iron ore price, supporting demand from key clients including Rio Tinto (RIO).

  • Austin is on the hitlist for the Emerging Companies Portfolio, though we remain on the sidelines for now.
MM remains bullish ANG
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Austin Engineering (ANG)
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