Bellamy's Australia Ltd (BAL):
Bellamy’s Australia has swung to a full-year profit of $43.27 million for the year to June 30, from an $809,000 loss in the previous year, helped by higher sales and cost savings. The infant formula maker said revenue for the year rose 37 per cent to $328.7 million and the company did not declare any final dividend. Bellamy’s expects its Australian business to grow revenue by about 10 per cent during the new financial year, amid a slowdown in Chinese cross-border market growth and more competition.
Boral Limited (BLD):
Boral shares jumped almost 10pc to a 4-month high of $7.05 on a positive outlook in its results today. FY18 net profit of $441m missed Bloomberg’s $448.2m consensus estimate by 1.6pc. But its final dividend of 14 cps per share beat the 12 cps consensus estimate and the FY19 outlook is quite positive. It sees high single-digit growth in Australian EBITDA operational profit in FY19. And North American EBITDA is expected to be up 20pc “or more”. BLD last up 7.2pc at $6.88.
Cabcharge Australia Limited (CAB):
Taxi group Cabcharge has described its results as a reset for its business, cutting its losses to $2.21 million from $90 million in the previous. It said investments in marketing had enabled the company to grow despite the strength of international ridesharing platforms likes Uber. “Cabcharge achieved substantial fleet growth and an upturn in payment processing while establishing new revenue streams including Taxi operations income in Queensland and South Australia, vehicle sales, courier services in Queensland and the addition of new insurance products.
Freedom Insurance Group Ltd (FIG):
Freedom Insurance Group has posted a profit drop of 6 per cent to $13.2 million after its first half was hit by lead quality and sales declines. It comes as the group’s share price plunged as much as 17.9pc to an all-time low yesterday in response to its call up to the royal commission for financial misconduct. Chief Keith Cohen said the results showed an improvement in the second half and that the company ambition remained to become the second largest direct life insurer in the near terms. “Over the near term, we expect the market to be challenging, as the direct sales model continues to evolve, with an emphasis on enhanced internal practices to meet evolving consumer needs and community expectations; maintaining and leveraging customer relationships directly and through business partnerships; and new product development and differentiation,” he said. “We also anticipate the industry will face greater regulatory scrutiny across all channels.” Total sales in the second half totalled $32.8 million, in line with the second half of FY17, and representing a $4.5 million improvement on the first half’s new business sales.
Independence Group NL (IGO):
Independence Group has reported in line with consensus, RBC describing its position as ‘in good shape’. The mining exploration company reported net profit of $52.7 million, up 209.7 per cent on the previous, news that has largely cheered investors. As such, its shares jumped 6.5 per cent in early trade to highs of $4.59 - falling back to $4.36 at 11.30am. It reported underlying EBITDA of $341 million, ahead of RBC’s $333m forecast and even further ahead of consensus at $325m. “IGO remains in good shape with net debt at A$4m and has a renewed focus on exploration (FY19 budget of A$51m) centered around efforts around Nova and the Fraser Range,” RBC’s Paul Hissey said. “There is incremental upside potential at Tropicana with the commissioning of the second 6MW ball mill in 3Q FY19 which will increase both capacity and metallurgical recoveries.”
Marley Spoon AG (MMM):
German start-up Marley Spoon has delivered a narrowed first-half loss in its maiden result as a public company. Marley Spoon, which provides subscription-based “cook at home” meal kits, delivered a first-half loss attributable to members of €19.3 million ($30.8m), compared to a near €13m first-half loss last year. The company did not declare a first-half dividend. Still, the company, which listed on the Australian Stock Exchange on July 4, told investors that it’s had a strong start to quarter three and is on track to meet its prospectus forecast, of a statutory €32.3m net loss for the full-year. Four-year-old Marley Spoon said it saw high top-line growth and margin improvement on the back of increased scale and early-stage automation. MMM last at 95c.
Medibank Private Ltd (MPL):
Medibank is extending its services into home care with its acquisition of South Australia-based Home Support Services. Chief Craig Drummond said the acquisition will expand the company’s ability to deliver home health services in SA and nationally, adding to its current trials of care for chemotherapy, palliative care and dialysis.
Thorn Group Ltd (TGA):
Radio Rentals owner Thorn Group has described the past year as the toughest in the company’s 81 year history, reporting a loss of $3.6 million after write downs and discontinued operations. The group, who was the subject of a $2m ASIC penalty for its lending practices, reported revenues down 15pc to $236.2m due to tougher conditions in consumer leasing which was down 22pc year on year. Chairman David Foster said the results should be considered in light of its difficult year and that the year had been transformative to the company. “Thorn is committed to this process and invested heavily in upgrading our systems, policies and procedures to ensure a scalable and compliant platform for the future. “These initiatives, together with changes already made to our pricing structures, position us well for anticipated legislative changes to the National Consumer Credit Protection Act, likely to be passed through parliament in the next year.” TGA last down 2.86pc at 68c..
Virgin Australia Holdings Ltd (VAH):
Virgin Australia has blamed accounting adjustments and a blowout in fuel prices for a 251 per cent increase in its statutory after tax loss, to $653.3 million for the 2018 financial year. It was the sixth consecutive annual loss for the airline group which includes low cost carrier Tigerair and the Virgin loyalty program Velocity. However CEO John Borghetti said the underlying before tax profit of $109.6m was the best result in ten years, and up $113m on the previous year. He said record earnings in Virgin Australia’s core domestic business provided two-thirds of the revenue base, aided by a 2.3 per cent increase in passengers.
Westpac Banking Corp (WBC) :
Westpac will raise variable home loan rates by 14 basis points, effective from September 19, due to an increase in its wholesale funding costs. Australia's central bank has kept the official cash rate at a record low 1.50 per cent since 2016 and signalled a steady path for some time. Westpac on Wednesday said it's variable mortgage rate for owner-occupier properties will increase to 5.38 per cent per annum for customers with principal and interest repayments, while the rate for residential investment properties will go up to 5.93 per cent.Westpac is raising variable home loan rates to 5.38 per cent for owner-occupier properties, and 5.93 per cent for investment properties.
(Source: AIMS)
Bellamy’s Australia has swung to a full-year profit of $43.27 million for the year to June 30, from an $809,000 loss in the previous year, helped by higher sales and cost savings. The infant formula maker said revenue for the year rose 37 per cent to $328.7 million and the company did not declare any final dividend. Bellamy’s expects its Australian business to grow revenue by about 10 per cent during the new financial year, amid a slowdown in Chinese cross-border market growth and more competition.
Boral Limited (BLD):
Boral shares jumped almost 10pc to a 4-month high of $7.05 on a positive outlook in its results today. FY18 net profit of $441m missed Bloomberg’s $448.2m consensus estimate by 1.6pc. But its final dividend of 14 cps per share beat the 12 cps consensus estimate and the FY19 outlook is quite positive. It sees high single-digit growth in Australian EBITDA operational profit in FY19. And North American EBITDA is expected to be up 20pc “or more”. BLD last up 7.2pc at $6.88.
Cabcharge Australia Limited (CAB):
Taxi group Cabcharge has described its results as a reset for its business, cutting its losses to $2.21 million from $90 million in the previous. It said investments in marketing had enabled the company to grow despite the strength of international ridesharing platforms likes Uber. “Cabcharge achieved substantial fleet growth and an upturn in payment processing while establishing new revenue streams including Taxi operations income in Queensland and South Australia, vehicle sales, courier services in Queensland and the addition of new insurance products.
Freedom Insurance Group Ltd (FIG):
Freedom Insurance Group has posted a profit drop of 6 per cent to $13.2 million after its first half was hit by lead quality and sales declines. It comes as the group’s share price plunged as much as 17.9pc to an all-time low yesterday in response to its call up to the royal commission for financial misconduct. Chief Keith Cohen said the results showed an improvement in the second half and that the company ambition remained to become the second largest direct life insurer in the near terms. “Over the near term, we expect the market to be challenging, as the direct sales model continues to evolve, with an emphasis on enhanced internal practices to meet evolving consumer needs and community expectations; maintaining and leveraging customer relationships directly and through business partnerships; and new product development and differentiation,” he said. “We also anticipate the industry will face greater regulatory scrutiny across all channels.” Total sales in the second half totalled $32.8 million, in line with the second half of FY17, and representing a $4.5 million improvement on the first half’s new business sales.
Independence Group NL (IGO):
Independence Group has reported in line with consensus, RBC describing its position as ‘in good shape’. The mining exploration company reported net profit of $52.7 million, up 209.7 per cent on the previous, news that has largely cheered investors. As such, its shares jumped 6.5 per cent in early trade to highs of $4.59 - falling back to $4.36 at 11.30am. It reported underlying EBITDA of $341 million, ahead of RBC’s $333m forecast and even further ahead of consensus at $325m. “IGO remains in good shape with net debt at A$4m and has a renewed focus on exploration (FY19 budget of A$51m) centered around efforts around Nova and the Fraser Range,” RBC’s Paul Hissey said. “There is incremental upside potential at Tropicana with the commissioning of the second 6MW ball mill in 3Q FY19 which will increase both capacity and metallurgical recoveries.”
Marley Spoon AG (MMM):
German start-up Marley Spoon has delivered a narrowed first-half loss in its maiden result as a public company. Marley Spoon, which provides subscription-based “cook at home” meal kits, delivered a first-half loss attributable to members of €19.3 million ($30.8m), compared to a near €13m first-half loss last year. The company did not declare a first-half dividend. Still, the company, which listed on the Australian Stock Exchange on July 4, told investors that it’s had a strong start to quarter three and is on track to meet its prospectus forecast, of a statutory €32.3m net loss for the full-year. Four-year-old Marley Spoon said it saw high top-line growth and margin improvement on the back of increased scale and early-stage automation. MMM last at 95c.
Medibank Private Ltd (MPL):
Medibank is extending its services into home care with its acquisition of South Australia-based Home Support Services. Chief Craig Drummond said the acquisition will expand the company’s ability to deliver home health services in SA and nationally, adding to its current trials of care for chemotherapy, palliative care and dialysis.
Thorn Group Ltd (TGA):
Radio Rentals owner Thorn Group has described the past year as the toughest in the company’s 81 year history, reporting a loss of $3.6 million after write downs and discontinued operations. The group, who was the subject of a $2m ASIC penalty for its lending practices, reported revenues down 15pc to $236.2m due to tougher conditions in consumer leasing which was down 22pc year on year. Chairman David Foster said the results should be considered in light of its difficult year and that the year had been transformative to the company. “Thorn is committed to this process and invested heavily in upgrading our systems, policies and procedures to ensure a scalable and compliant platform for the future. “These initiatives, together with changes already made to our pricing structures, position us well for anticipated legislative changes to the National Consumer Credit Protection Act, likely to be passed through parliament in the next year.” TGA last down 2.86pc at 68c..
Virgin Australia Holdings Ltd (VAH):
Virgin Australia has blamed accounting adjustments and a blowout in fuel prices for a 251 per cent increase in its statutory after tax loss, to $653.3 million for the 2018 financial year. It was the sixth consecutive annual loss for the airline group which includes low cost carrier Tigerair and the Virgin loyalty program Velocity. However CEO John Borghetti said the underlying before tax profit of $109.6m was the best result in ten years, and up $113m on the previous year. He said record earnings in Virgin Australia’s core domestic business provided two-thirds of the revenue base, aided by a 2.3 per cent increase in passengers.
Westpac Banking Corp (WBC) :
Westpac will raise variable home loan rates by 14 basis points, effective from September 19, due to an increase in its wholesale funding costs. Australia's central bank has kept the official cash rate at a record low 1.50 per cent since 2016 and signalled a steady path for some time. Westpac on Wednesday said it's variable mortgage rate for owner-occupier properties will increase to 5.38 per cent per annum for customers with principal and interest repayments, while the rate for residential investment properties will go up to 5.93 per cent.Westpac is raising variable home loan rates to 5.38 per cent for owner-occupier properties, and 5.93 per cent for investment properties.
(Source: AIMS)
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