PXA +5.74%: The property exchange delivered a marginal earnings beat at their 1H results, although the UK business is still a struggle. Revenue of $163m was up 16% YoY and a touch ahead of $160m expected with earnings (EBITDA) of $82.9m around 5% ahead. FY24 guidance was reaffirmed, but there was a not a lot to meaningfully turn the dial, although the share price reaction today shows there was not much optimism built in at current levels.
- Their Aussie business is going well, but the UK is showing no real improvement, patience still required overall.
MM remains long PXA
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