Engenco Limited Projects Stable FY24 Amid Challenges

Engenco Limited (AU:EGN) has released an update.

Engenco Limited has revised its FY24 outlook, indicating no significant improvement over FY23 due to challenges in its Gemco Rail and Workforce Solutions units. Factors such as a temporary railway closure, deferral of customer maintenance spending, and changing customer preferences in labour hiring are affecting the company’s performance. However, the Power and Propulsion Segment is showing progress, with the new Drivetrain branch operational and improved Q4 performance expected.

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