Spark New Zealand Lowers FY24 Earnings Forecast

Spark New Zealand Limited (AU:SPK) has released an update.

Spark New Zealand has revised its FY24 EBITDAI forecast downwards from the previously projected range of $1,215-$1,260 million to $1,170-$1,210 million due to increased trading challenges, particularly in IT service demand from government and enterprise clients. The company is experiencing a tough trading environment with high interest rates and cost-of-living pressures affecting consumer spending, leading to softer sales in mobile devices and accessories. In response, Spark is expediting its efficiency program to counteract the lower than expected revenue, while maintaining its capital expenditure and dividend guidance.

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