Trading Update: Lynch Group Holdings Strong Performance

Lynch Group Holdings Limited (ASX:LGL) has provided a trading update for the fiscal year ending July 2, 2023 (FY23). The company, Australia's leading wholesaler and grower of flowers and potted plants, has revised its full-year Group EBITDA range to AU$42 million - AU$43 million, up from the previous guidance of AU$36 million - AU$40 million. The update confirms that consumer demand for floral products remains strong, supported by the successful execution of the key Mother's Day event in Australia and China. In Australia, revenue growth for FY23 is expected to be around 5%, driven by robust performance in sale or return stores.

In China, market demand has rebounded strongly since reopening in early January, leading to improved pricing in the second half. The company's farm production volumes have increased in line with internal targets, and greenhouse development works have recommenced. Planned expansion includes planting 3.5 hectares between June and August 2023, with an additional 6 hectares scheduled for the first half of FY24.

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