SURFSTITCH SHARES HALVED AS LOSS HITS $155M

SURFSTITCH SHARES HALVED AS LOSS HITS $155M

ONLINE actions sports retailer SurfStitch (ASX:SRF) endured another day of pain on the stock market as its shares more than halved on news that its annual loss has blown out to $154.7 million. The FY16 result by the Gold Coast-based company, a former subsidiary of Billabong (ASX:BBG), has been impacted by $99.3 million in goodwill impairm...

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RAMSAY SHARES PEAK ON HEALTHY PROFIT

RAMSAY SHARES PEAK ON HEALTHY PROFIT

RAMSAY Health Care (ASX: RHC) shares were given a tonic today as the company reported a 16.8 per cent surge in net profit to $481.4 million. The latest result was aided by a suite of acquisitions and expansions across the private hospital operator's international portfolio. This led to an 11.6 per cent increase in EBIT (earnings b...

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BRISBANE BRIDGES ASIA WITH SRI LANKA

BRISBANE BRIDGES ASIA WITH SRI LANKA

THREE Brisbane companies just invested more than $150,000 dollars in Sri Lanka. In a business 'matchmaking' event, more than 25 Sri Lankan tech businesses pitched Australian delegates for investment at a business event held by the Sri Lanka and Australia Chamber of Commerce (SLACC) earlier this year. SLACC President Kalum De S...

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CEO RESIGNS AS CARDNO POSTS LOSS

CEO RESIGNS AS CARDNO POSTS LOSS

CARDNO (ASX: CDD) is still in the red this year, with the company posting a $176 million net loss earlier today. While this current figure improves on last year's $245 million full year loss, it once again reflects heavy industry pressure and poor performance across numerous markets, particularly the American resource sectors. The...

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SILVER CHEF SERVES UP STRONG PERFORMANCE

SILVER CHEF SERVES UP STRONG PERFORMANCE

SILVER Chef (ASX: SIV) dished out a net profit after tax of $22.4 million for the financial year, delivering a new CEO with the news.  The result includes a one-off after tax break cost of $1 million arising from the early redemption of $30 million of loan notes on 14 September 2015. The Brisbane-based equipment funding company d...

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MARKET CONDITIONS FLICK THE SWITCH ON ERM

MARKET CONDITIONS FLICK THE SWITCH ON ERM

LIGHTS are dim for ERM Power (ASX: EPW) today as the electricity provider posted a $30 million drop in profit, with its overall FY16 performance plugged to industry volatility. Despite a revenue increase of 19 per cent to $2.7 billion overall, the Brisbane company saw a sharp 46 per cent fall in statutory net profit from $65.9 million in ...

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WATPAC CLINGS TO CONSTRUCTION AS PROFIT SUFFERS

WATPAC CLINGS TO CONSTRUCTION AS PROFIT SUFFERS

SPENDING 12 months riding a down-turning industry, Watpac Limited (ASX: WTP) has emerged a little bruised, yet not completely out for the count, following its full year result. Posting a statutory loss after tax this morning of $21.4 million, down from an $11.5 million loss in FY15, the Brisbane giant admits its result was once again affe...

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MACAU SALE MASKS WEAKER RESULT FROM CROWN

MACAU SALE MASKS WEAKER RESULT FROM CROWN

THE sale of its Macau joint venture has masked an otherwise weaker performance by James Packer's Crown Resorts (ASX:CWN) which reported a massive spike in earnings to $948.8 million profit in FY16. The result, up 164 per cent from a year ago, was boosted by a net gain of $555.2 million after Crown offloaded its interest in Melco Crown...

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G8 SHARES STILL TENDER AFTER WILD RIDE

G8 SHARES STILL TENDER AFTER WILD RIDE

SHARES in Australia's largest listed childcare centre operator G8 Education (ASX:GEM) edged lower today after briefly recovering from a $400 million rollercoaster ride in the wake of a disappointing profit result yesterday. The stock dipped as much as 6 per cent in morning trade, but it was a far cry from the 30 per cent thumping give...

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VILLA WORLD JOINS PROPERTY PROFIT RUSH

VILLA WORLD JOINS PROPERTY PROFIT RUSH

HOUSING developer Villa World (ASX:VLW) has joined the profit rush across the property sector by posting a record $33.7 million profit for FY16. The result, up 32 per cent from last year, was underscored by an underlying pre-tax profit of $47.2 million which exceeded the company's forecasts and delivered on a strategy that CEO Craig T...

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PERKS BRINGS ACCOUNTING FORWARD

PERKS BRINGS ACCOUNTING FORWARD

ADELAIDE firm Perks has developed a first to market solution for accountants and financial planners.

Xeppo, a cloud-based software, enables financial service providers to manage data relating to client's personal, wealth management and business portfolios on one platform.

The technology launched in 2015 at the LEA world conference in M...

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THREE TIPS TO IMPROVE YOUR CASHFLOW

THREE TIPS TO IMPROVE YOUR CASHFLOW

THE ideal for any business is to send off an invoice with total confidence it will get paid in a timely manner, but that is not always the case. The latest Trade Payments Analysis from Dun & Bradstreet shows businesses are waiting an average of 44.9 days for payment, and near historical lows, but still a long time to wait for any smal...

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AUSTRALIANSUPER HITS $100B WITH GLOBAL INVESTMENTS

AUSTRALIANSUPER HITS $100B WITH GLOBAL INVESTMENTS

RETIREMENT savings in AustralianSuper have hit more than $100 billion for the first time. The industry super fund hit the milestone with a strong growth in returns for more than two million members. AustralianSuper CEO Ian Silk says the fund is exploring global investments as the membership base continues to grow. "We are ver...

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RECKON JOINS FORCES WITH MONEY TRANSFER AGENCY

RECKON JOINS FORCES WITH MONEY TRANSFER AGENCY

ACCOUNTING software provider Reckon (ASX:RKN) has teamed up with one of the world's largest international money transfers businesses. The Sydney-based company has formed a strategic partnership with OzForex trading as OFX (ASX:OFX) to streamline international payments. Reckon's Australian customers that are registered with OFX...

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MANUFACTURER FACES COURT FOR IGNORING COMPO CLAIMS

MANUFACTURER FACES COURT FOR IGNORING COMPO CLAIMS

A MELBOURNE manufacturer will front court for failing to compensate an overseas worker it had unfairly dismissed. The Fair Work Ombudsman has commenced legal proceedings in the Federal Circuit Court against Monochromatic Engineering over an Iranian worker. The service technician was in Australia on a 485 temporary graduate visa and la...

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NEW NATIONAL MINIMUM WAGE KICKS IN FROM TOMORROW

NEW NATIONAL MINIMUM WAGE KICKS IN FROM TOMORROW

AUSTRALIA'S new minimum wage comes into effect tomorrow. The hourly rate for adult workers will increase from $17.29 to $17.70 starting from the first pay period on or after July 1. Fair Work Ombudsman Natalie James says the agency's online pay tools can assist employers to calculate their new wage rates to ensure they meet wo...

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GOLD COAST SECURITY BUSINESS HIT WITH RECORD FINE

GOLD COAST SECURITY BUSINESS HIT WITH RECORD FINE

GOLD COAST business Step Ahead Security Services has been slugged with a record fine of $308,000 in Federal Circuit Court for underpaying employees. Judge Michael Jarrett ordered owner Owen Ivor Jennings to personally back-pay eight security guards a total of $22,779 for work completed over three months in 2014. The Fair Work Ombudsma...

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EWM GROUP SIMPLIFIES PHILANTHROPY

EWM GROUP SIMPLIFIES PHILANTHROPY

BRISBANE family office EWM Group has made it easier for clients to give back with the launch of a specialist philanthropy offering. GivingSimple offers advice on how individuals, families and businesses can support communities, charities and causes of their choice without having to establish their own philanthropy structure. Donors ca...

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CHEAPER FARES IN QLD PUBLIC TRANSPORT CRACKDOWN

CHEAPER FARES IN QLD PUBLIC TRANSPORT CRACKDOWN

COMMUTERS are set to benefit from cheaper fares following a major overhaul in south-east Queensland's public transport system. Under the Palaszczuk Government's Fairer Fares package, single zone travel during peak time will be reduced from $3.35 to $3.20 from next year. Customers will be able to travel further within a zone, w...

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SPORTSCRAFT WEARS PENALTY FOR MISLEADING CONDUCT

SPORTSCRAFT WEARS PENALTY FOR MISLEADING CONDUCT

CLOTHING retailer Sportscraft has paid a $21,600 penalty following an industry-wide investigation by the Australian Competition and Consumer Commission (ACCC). During its inquiry, the ACCC issued infringement notices to Sportscraft citing reasonable grounds for believing that the retailer had been making false or misleading representation...

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