Impairment charge cuts Superloop result

Impairment charge cuts Superloop result

A hefty impairment charge has led to connectivity company Superloop (ASX: SLC) to post a $72 million loss for FY19. The $50.7 million impairment charge was for the retiring of non-core, non-bandwidth services segment and is the main contributing factor to the drop in the group's fortunes. Superloop's revenue was $117.3 million...

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Landmark White share price tanks on return to ASX

Landmark White share price tanks on return to ASX

After being hit with two cyber-attacks embattled property valuation group Landmark White (ASX: LMW) has returned to the ASX. But its return has come at a cost, with the group's share price down 52 per cent to $0.09 per share at 12.30pm AEST. Landmark White was placed into a state of temporary suspension from the ASX in early June ...

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Property market slams McGrath with $15.6 million loss

Property market slams McGrath with $15.6 million loss

A difficult property market has put a strain on real estate group McGrath, posting a net loss after tax of $15.6 million at the end of FY19. Company revenue was down 17 per cent to $82.7 million, and underlying EBITDA came in within guidance at negative $6.4 million. McGrath has blamed its results on "difficult market conditions&...

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Ardent Leisure on the mend but the Dreamworld tragedy remains a problem

Ardent Leisure on the mend but the Dreamworld tragedy remains a problem

While the 2016 Dreamworld tragedy continues to haunt the results of parent company Ardent Leisure (ASX: ALG) the company's books are on the mend. During FY19 the group reported a loss of $60.9 million, compared to a loss of $90.7 million in the prior year. Total earnings has improved by around $65.7 million, from a loss of $54 mil...

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Vita Group reports record revenues

Vita Group reports record revenues

The latest financial year has been kind to Vita Group, with the company posting record revenues of $753.7 million, up ten per cent on FY18. Earnings were $45.8 million, up 12 per cent, and net profit after tax grew by ten per cent to $24.3 million. Vita Group says the results reflect continued momentum in the group's ICT division....

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Travel giants Flight Centre and Webjet soaring on strong profits

Travel giants Flight Centre and Webjet soaring on strong profits

Travel industry juggernauts Webjet (ASX: WEB) and Flight Centre (ASX: FLT) released their FY19 results today, with both groups still at cruising altitude. Webjet delivered a 43 per cent increase in earnings to $124.6 million, a 26 per cent increase in revenue to $366.4 million and net profit after tax was up 46 per cent at $81.3 million. ...

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Fintech Zip Co cuts loss in half

Fintech Zip Co cuts loss in half

In FY20 the company plans to launch instalments for business, secure strategic deals with banks and partners, enter everyday spend categories, and oversee the launch of its recently acquired PartPay in the UK. With buy-now pay-later (BNPL) players in a frantic race against time to capture international market share and brand recognition, ...

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Record revenue for Qantas but high fuel costs guzzle profit

Record revenue for Qantas but high fuel costs guzzle profit

Australian airline Qantas (ASX: QAN) posted record revenue for FY19, but faced some pretty stiff headwinds that dragged its profits down. Luckily for Qantas, planes take off into the wind. The group's underlying profit before tax was down 17 per cent to $1.3 billion despite the company posting record revenue results. Fuel cost...

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Nine triumphs over weak free-to-air market

Nine triumphs over weak free-to-air market

A challenging free-to-air (FTA) market threatened to undo Nine Entertainment (ASX: NEC) in FY19, but the media company pulled up on top. On a statutory basis, Nine reported a net profit after tax of $234 million, up 12 per cent on FY18. Meanwhile, group earnings grew by 10 per cent to $424 million. These relatively strong results ...

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Record portfolio growth for Nearmap in milestone year

Record portfolio growth for Nearmap in milestone year

Aerial mapping group Nearmap (ASX: NEA) completed a "milestone" year with record portfolio growth as the company prepares to dive into artificial intelligence. Group annualised contract value grew by a record $24 million to $90.2 million, with contracts in North America contributing more than one third of the total portfolio. ...

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Domino's tastes delight with $2.9 billion in global sales

Domino's tastes delight with $2.9 billion in global sales

The staff at Domino's have certainly earned this year's corporate pizza party with the group cracking $2.9 billion in global sales during FY19. The 11.9 per cent increase by $308 million in food sales comes as the Brisbane-based company continues to push internationally. Domino's stores in Japan led the charge for the grou...

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Megaport loss worsens despite record revenue

Megaport loss worsens despite record revenue

Brisbane-based tech group Megaport (ASX: MP1) reported record revenue for FY19, but that hasn't stemmed yet another full year loss. The group reported a net loss for FY19 of $33.6 million during a year in which the company delivered revenue of $35.1 million. However, the loss is likely the result of aggressive expansion from the d...

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Seven posts $444.5 million loss

Seven posts $444.5 million loss

Just days after the resignation of its CEO Tim Worner Seven West Media (ASX: SWM) has posted a monumental full year loss. The company has recorded a $444.5 million loss for FY19, down from a profit of $133.7 million in FY18. The announcement follows the resignation of Worner last Friday, who was replaced by former Network Ten CEO Jame...

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Zip fastens growth prospects with overseas acquisition

Zip fastens growth prospects with overseas acquisition

Zip Co (ASX: Z1P) is spreading its wings into new markets with an acquisition that sees it following in the footsteps of competitors in a global marketplace for buy-now pay-later (BNPL) services.  Similar to the way that Afterpay has pushed significantly into the US, and how Swedish buy-now pay-later solution Klarna has arrived in Au...

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Kogan shares rise after gross sales race past $500m

Kogan shares rise after gross sales race past $500m

E-tail giant Kogan (ASX: KGN) expanded its product offering into uncharted territory in FY19 and delivered double digit earnings growth as a result. The company's shares have risen by more than 8% today after the group reported it had surpassed half a billion dollars in gross sales for the year.  Revenue was up 6.4 per c...

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What will be the legacy of the Hayne Royal Commission?

What will be the legacy of the Hayne Royal Commission?

The Hayne Royal Commission into the banking and financial services industry uncovered plenty of ugliness about Australia's leading financial institutions. The institutions themselves are still dealing with the fallout of the Royal Commission; class actions, board spills, and "restructure" plans are abound this year. What...

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Uniti Wireless to acquire FTTP network for $100 million

Uniti Wireless to acquire FTTP network for $100 million

Adelaide-based teclo Uniti Wireless (ASX: UWL) is continuing on its spending spree with the announcement of a $100 million acquisition. The group hopes to raise $100 million in order to acquire builder and wholesale operator of private fibre networks LBNCo. LBNCo is described by Uniti as "highly profitable" and is predominan...

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Lendlease profit dives 40 per cent during "difficult" trading year

Lendlease profit dives 40 per cent during "difficult" trading year

Property project developer Lendlease (ASX: LLC) has capped off a tough FY19 with a 40 per cent dive in profits, down to $467 million from $793 million. The financial year was a rough one for the developer, with class actions being thrown at it by Phi Finney McDonald and Maurice Blackburn, and an ailing engineering and services business dr...

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Rhipe harvests a bumper full year profit

Rhipe harvests a bumper full year profit

Cloud solutions company Rhipe (ASX: RHP) has posted an operating profit of $12.8 million for FY19, up 65 per cent on the previous year. This healthy harvest comes as the group has continued to grow across the business during the financial year, particularly its Asian focused business. Sales were up by 28 per cent to $252.5 million dur...

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Banks vs Small Business Lenders in Australia: Who Shall Prevail?

Banks vs Small Business Lenders in Australia: Who Shall Prevail?

Times are brutally tough for SMEs in Australia. Ever since the Royal Commission into Misconduct in the Financial Services Industry tabled its report, bank financing has all but dried up. This situation has put small business owners in a difficult spot; without access to credit, companies put expansion plans on hold. When gaps in cash ...

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