Shares in 2 Cheap Cars jump more than 30% after profit upgrade

Chair Michael Stiassny says the company is delighted with what it has been able to do around improving costs. (Image: LinkedIn)

Ella Somers

Fri, 08 Sep 2023

A second profit upgrade in just over two months has driven up the share price of used car dealership group 2 Cheap Cars.2 Cheap Cars’ share price jumped as high as 36% to 68 cents by Friday afternoon after the company told the market it was expecting its profit to “likely exceed” the top end of its previous July guidance for the 2024 financial year, due to strong trading.Its net profit for the 2024 financial year was revised in July from between $3.8 million and $4.2m, to being expected to come to between $4.2m and $5m.On Frid...

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