Avjennings Ltd (AVJ):
AVJennings has reported a 12.2 per cent net profit decline after writing back the value of its Arcadian Hills estate, flagged earlier this month. The development company said it was a matter of when, not if, the project would progress and write off its profit contribution of $6.1 million from its FY18 results. Directors declared a fully franked final dividend of 3.0 cents per share be paid in October 2018, taking total dividends declared for FY2018 to 5.0 cents per share, in line with the prior year. “In FY2019, the Company expects to benefit from continued strength in the Sydney market and settlements from the Lyndarum North and Waterline projects in Victoria in particular,” it said. “The Company expects positive revenue and earnings momentum given current levels of production, strong pre-sales volumes and continued progress of key projects.”
Evolution Mining Ltd (EVN):
Evolution Mining has lifted full-year profit 21 per cent to $263.4 million, boosted by the sale of its Edna May gold mine in Western Australia for $90 million. Revenue for the 12 months to June 30 rose 4 per cent to $1.54 billion despite lower production. The company has declared a fully-franked final dividend of 4.0 cents per share, up from three cents a year ago.
Goodman Group (GMG):
Goodman Group forecast a higher annual operating profit as the rapid growth in ecommerce, supported by a population boom in cities such as Sydney, drives demand for office space and industrial parks. Goodman said it expects an operating profit per security of 50 cent in the 12 months through June 2019. If achieved, that would be 7 per cent higher than the 46.7 cents reported for the 2018 fiscal year. The real-estate investment trust said it also expected an annual distribution of 30 cents in the fiscal year that began last month, up from 28 cents. The guidance was provided by Goodman alongside its fiscal 2018 result that included a net profit of $1.1 billion for the 12 months through June, up from $778.1 million a year earlier. Warehouse space and logistics operations close to major cities are increasingly in demand as more consumers buy products online, prompting investors to favor Goodman over shopping mall owners.
Kogan.com Ltd (KGN):
Online retailer Kogan.com has upped its dividend as it delivered a full-year net profit nearly four-times the prior year. Kogan.com, which offers electronics as well as mobile, internet and insurance products, unveiled a net profit after tax attributable to members of $14.1 million, sharply up from the $3.7m it booked last year. The company declared a fully franked final dividend of 6.1 cents per share, up from 3.8c last year. That brought the total dividends per share to 13c for the year, an increase of 68.8 per cent. Revenue for the full-year to June 30 was $412.3m, 42.4 per cent higher compared to the prior year, exceeding its latest guidance of a 40 per cent revenue rise. Statutory earnings before interest, tax, depreciation and amortisation was $26.0m, up $16.5m on last year when one-off IPO related costs had a $3m impact. “While earnings from the business have more than doubled over the prior year, our consumer offer is now stronger than ever,” chief executive Ruslan Kogan said.
Link Administration Holdings Ltd (LNK):
Financial data company Link Group has delivered a bumper full-year profit as it continues to pursue its growth strategy. For the six months to June 30, the company booked a net profit after tax of $143.2 million up 68 per cent on the prior period. Link, a global administrator financial ownership data, lifted its revenue lifted 54 per cent to nearly $1.2 billion for the year. The company declared a fully franked final dividend of 13.5 cents per share. “With a global trend in increasing complexity and governance oversight facing the markets we serve, Link Group remains well placed to help our clients manage the changing regulatory landscape and drive improved outcomes for clients and their customers,” managing director John McMurtrie said. Link Administration shares jumped 10pc to a 3-month high of $8.33 on better than expected earnings and positive guidance. FY18 net profit of $141.7m beat Bloomberg’s consensus estimate by 4.6pc. The company also said its carrying good earnings momentum into FY19 and is in a strong position to explore growth opportunities. But the share price is having trouble holding above the 200-DMA at $8.12 and the 61.8pc retracement of the Feb-May fall, at $8.17. It may have scope for dips to the top of the recent trading range, at $7.88. LNK last up 6.4pc at $8.07.
Stockland Corporation Ltd (SGP):
Stockland has unveiled plans to restructure its operations, downplaying its one-time growth engine, retirement, as the company comes under market pressure to lift its performance. The group’s retirement arm has been under scrutiny and Stockland had toyed with selling a stake in the unit, which makes up about 7 per cent of assets, before retaining it. Stockland had also been tipped to slash its management ranks as rivals GPT and Mirvac had done earlier in the property cycle. “The market was expecting it,” said one analyst. The group has now cut back its executive committee and merged its retirement unit into its broader residential business. Stockland had nominated retirement, alongside retail and residential, as part of its now ditched “3R” strategy. Retirement boss Stephen Bull will exit and residential head Andrew Whitson will take up a role heading communities, including retirement villages. Stockland chief executive Mark Steinert said the group was a leader in both areas and was “taking advantage of our integrated model and leverage capabilities”.
WAM Capital Limited (WAM):
Geoff Wilson has flagged a more challenging year ahead for his WAM Capital, after strong investment returns underpinned a big jump in its profit and dividend for the financial year. The investment company Wilson chairs reported a record $166.9 million operating profit before tax for the year to June 30, a jump of 87.6 per cent on the previous year, and a record after-tax profit of $125.4m. WAM Capital will pay a fully franked dividend of 15.5 cents per share, an increase of 3.3 per cent on the previous year. Based on yesterday’s closing price of $2.47, WAM shares were trading on a net dividend yield of more than 6 per cent, versus 4 per cent for the S&P/ASX 200 share index. Underpinning the results was a 15 per cent increase in the value of the investment portfolio that outperformed a 13.7 per cent rise in the S&P/ASX All Ordinaries Accumulation Index. WAM Capital’s strong investment performance was achieved with an average of just 70.1 per cent of its funds invested in the sharemarket and significantly lower volatility than the benchmark.
(Source: AIMS)
AVJennings has reported a 12.2 per cent net profit decline after writing back the value of its Arcadian Hills estate, flagged earlier this month. The development company said it was a matter of when, not if, the project would progress and write off its profit contribution of $6.1 million from its FY18 results. Directors declared a fully franked final dividend of 3.0 cents per share be paid in October 2018, taking total dividends declared for FY2018 to 5.0 cents per share, in line with the prior year. “In FY2019, the Company expects to benefit from continued strength in the Sydney market and settlements from the Lyndarum North and Waterline projects in Victoria in particular,” it said. “The Company expects positive revenue and earnings momentum given current levels of production, strong pre-sales volumes and continued progress of key projects.”
Evolution Mining Ltd (EVN):
Evolution Mining has lifted full-year profit 21 per cent to $263.4 million, boosted by the sale of its Edna May gold mine in Western Australia for $90 million. Revenue for the 12 months to June 30 rose 4 per cent to $1.54 billion despite lower production. The company has declared a fully-franked final dividend of 4.0 cents per share, up from three cents a year ago.
Goodman Group (GMG):
Goodman Group forecast a higher annual operating profit as the rapid growth in ecommerce, supported by a population boom in cities such as Sydney, drives demand for office space and industrial parks. Goodman said it expects an operating profit per security of 50 cent in the 12 months through June 2019. If achieved, that would be 7 per cent higher than the 46.7 cents reported for the 2018 fiscal year. The real-estate investment trust said it also expected an annual distribution of 30 cents in the fiscal year that began last month, up from 28 cents. The guidance was provided by Goodman alongside its fiscal 2018 result that included a net profit of $1.1 billion for the 12 months through June, up from $778.1 million a year earlier. Warehouse space and logistics operations close to major cities are increasingly in demand as more consumers buy products online, prompting investors to favor Goodman over shopping mall owners.
Kogan.com Ltd (KGN):
Online retailer Kogan.com has upped its dividend as it delivered a full-year net profit nearly four-times the prior year. Kogan.com, which offers electronics as well as mobile, internet and insurance products, unveiled a net profit after tax attributable to members of $14.1 million, sharply up from the $3.7m it booked last year. The company declared a fully franked final dividend of 6.1 cents per share, up from 3.8c last year. That brought the total dividends per share to 13c for the year, an increase of 68.8 per cent. Revenue for the full-year to June 30 was $412.3m, 42.4 per cent higher compared to the prior year, exceeding its latest guidance of a 40 per cent revenue rise. Statutory earnings before interest, tax, depreciation and amortisation was $26.0m, up $16.5m on last year when one-off IPO related costs had a $3m impact. “While earnings from the business have more than doubled over the prior year, our consumer offer is now stronger than ever,” chief executive Ruslan Kogan said.
Link Administration Holdings Ltd (LNK):
Financial data company Link Group has delivered a bumper full-year profit as it continues to pursue its growth strategy. For the six months to June 30, the company booked a net profit after tax of $143.2 million up 68 per cent on the prior period. Link, a global administrator financial ownership data, lifted its revenue lifted 54 per cent to nearly $1.2 billion for the year. The company declared a fully franked final dividend of 13.5 cents per share. “With a global trend in increasing complexity and governance oversight facing the markets we serve, Link Group remains well placed to help our clients manage the changing regulatory landscape and drive improved outcomes for clients and their customers,” managing director John McMurtrie said. Link Administration shares jumped 10pc to a 3-month high of $8.33 on better than expected earnings and positive guidance. FY18 net profit of $141.7m beat Bloomberg’s consensus estimate by 4.6pc. The company also said its carrying good earnings momentum into FY19 and is in a strong position to explore growth opportunities. But the share price is having trouble holding above the 200-DMA at $8.12 and the 61.8pc retracement of the Feb-May fall, at $8.17. It may have scope for dips to the top of the recent trading range, at $7.88. LNK last up 6.4pc at $8.07.
Stockland Corporation Ltd (SGP):
Stockland has unveiled plans to restructure its operations, downplaying its one-time growth engine, retirement, as the company comes under market pressure to lift its performance. The group’s retirement arm has been under scrutiny and Stockland had toyed with selling a stake in the unit, which makes up about 7 per cent of assets, before retaining it. Stockland had also been tipped to slash its management ranks as rivals GPT and Mirvac had done earlier in the property cycle. “The market was expecting it,” said one analyst. The group has now cut back its executive committee and merged its retirement unit into its broader residential business. Stockland had nominated retirement, alongside retail and residential, as part of its now ditched “3R” strategy. Retirement boss Stephen Bull will exit and residential head Andrew Whitson will take up a role heading communities, including retirement villages. Stockland chief executive Mark Steinert said the group was a leader in both areas and was “taking advantage of our integrated model and leverage capabilities”.
WAM Capital Limited (WAM):
Geoff Wilson has flagged a more challenging year ahead for his WAM Capital, after strong investment returns underpinned a big jump in its profit and dividend for the financial year. The investment company Wilson chairs reported a record $166.9 million operating profit before tax for the year to June 30, a jump of 87.6 per cent on the previous year, and a record after-tax profit of $125.4m. WAM Capital will pay a fully franked dividend of 15.5 cents per share, an increase of 3.3 per cent on the previous year. Based on yesterday’s closing price of $2.47, WAM shares were trading on a net dividend yield of more than 6 per cent, versus 4 per cent for the S&P/ASX 200 share index. Underpinning the results was a 15 per cent increase in the value of the investment portfolio that outperformed a 13.7 per cent rise in the S&P/ASX All Ordinaries Accumulation Index. WAM Capital’s strong investment performance was achieved with an average of just 70.1 per cent of its funds invested in the sharemarket and significantly lower volatility than the benchmark.
(Source: AIMS)
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