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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James Warburton replaces Tim Worner as chief of Seven

James Warburton replaces Tim Worner as chief of Seven

Tim Worner (pictured), CEO of Seven West Media (ASX: SWM), has today resigned from the company. Worner leaves with immediate effect to be replaced by former CEO of Network Ten, APN Outdoor and Supercars James Warburton. Warburton previously worked for Seven as a chief digital and sales officer before leaving the company become Ten'...

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Charter Hall consortium buys $700 million stake in Telstra properties

Charter Hall consortium buys $700 million stake in Telstra properties

A consortium led by Charter Hall has acquired a 49 per cent interest in an unlisted trust of 37 exchange properties for $700 million. The properties in the trust are all leased to Telstra (ASX: TLS), with the telco giant set to retain a 51 per cent interest as well as operational control. The consortium is owned by three separate buye...

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China's e-commerce laws tough pill to swallow for Blackmores

China's e-commerce laws tough pill to swallow for Blackmores

Australia's leading vitamin supplement company Blackmores (ASX: BKL) saw strong results in almost all its markets in FY19, but there's one important exception - China. The Sydney-based company's net profit after tax (NPAT) was down 24 per cent at $53 million, despite good results and home and aggressive diversification efforts...

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Super Retail Group's proactive approach pays off

Super Retail Group's proactive approach pays off

A tough retail industry has claimed its fair share of victims over the past few years, but Super Retail Group (ASX: SUL) appears to be standing head and shoulders above the mire. The company behind popular brands Supercheap Auto, Rebel, BCF and Macpac experienced steady and consistent growth throughout FY19. Group sales rose 5.4 per c...

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Dexus buys big in office markets, but revaluations hit profit

Dexus buys big in office markets, but revaluations hit profit

Dexus (ASX: DXS) secured a $3.1 billion pipeline of acquisition opportunities over the past financial year, however lacklustre revaluations hit the property group's profit margin. Net profits dropped 25.9 per cent to hit $1.28 billion which was primarily due to lowered net revaluation gains on Dexus' investments. In FY19 the c...

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Vicinity axes plans for property fund on 72 per cent profit drop

Vicinity axes plans for property fund on 72 per cent profit drop

Impacted by a year of heavy divestments and a "challenging retail environment", Vicinity Group's (ASX: VCD) profit has dropped almost 72 per cent. The shopping centre giant reported a net profit after tax of $346.1 million, down from an FY18 result of $1.218 billion. Managing director and CEO Grant Kelley admits the weak...

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Aveo agrees to $1.3 billion Brookfield takeover

Aveo agrees to $1.3 billion Brookfield takeover

Aged care provider Aveo Group (ASX: AOG) has entered a scheme implementation deed to sell 100 per cent of its shares to a subsidiary of Brookfield Property Group. The sale is priced at $2.195 per share which values Aveo at $1.3 billion on an equity basis, including the resolution of $700 million worth of company debt. The board has un...

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ACCC flags concrete plans to tackle digital media giants' power imbalance

ACCC flags concrete plans to tackle digital media giants' power imbalance

The Australian Competition and Consumer Commission (ACCC) has delved deeper into the type of regulatory codes that could be used to tackle the distortionary power of digital platforms like Facebook and Google.   Following the regulator's recent report into the out-of-control growth and dominance of these companies ...

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Acquisitions lift Centuria real estate asset values by 33%

Acquisitions lift Centuria real estate asset values by 33%

Centuria Capital Group (ASX: CNI) expects to qualify for the S&P ASX 300 index this quarter after an acquisition drive helped lift its market capitalisation in FY19. The Sydney-based company's share price has risen 62 per cent since the start of the year with leadership holding a bullish outlook for the office, industrial and heal...

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Market darling Magellan sails through troubled markets with stellar result

Market darling Magellan sails through troubled markets with stellar result

Investor optimism has added $6.5 billion to Magellan Financial Group's (ASX: MFG) market capitalisation since February, and today the Sydney-based investment fund returned the favour. The company has reported a 35 per cent lift in net profit after tax (NPAT) to $364.2 million in FY19, and is giving some of that back to shareholders th...

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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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MOQ to acquire Wardy IT Solutions

MOQ to acquire Wardy IT Solutions

Sydney-based cloud tech investor MOQ (ASX: MOQ) has entered a binding agreement to acquire data analytics and training specialist Wardy IT Solutions. The deal includes an upfront purchase price of $7.5 million for cash and shares along with a potential earn-out of up to $6 million. Founded in Brisbane by Peter Ward (pictured) in ...

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Macquarie Media agrees to sell to Nine at discount

Macquarie Media agrees to sell to Nine at discount

The board of one of Australia's largest radio companies is in favour of selling off almost half its shares to Nine Entertainment (ASX: NEC) at a 16 per cent discount to the previous share price. This morning Nine offered to buy the remaining 45.5 per cent stake it doesn't own in Macquarie Media (ASX: MRN) - broadcaster of such sta...

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NSW watchdog to probe Packer's sale of Crown shares

NSW watchdog to probe Packer's sale of Crown shares

On 31 May, James Packer's CPH Crown Holdings sold $1.76 billion worth of shares in Crown Resorts (ASX: CWN) to Hong Kong-based casino operator Melco Resorts, a company headed by Packer's former business partner Lawrence Ho. Lawrence Ho is the son of Macau's most influential casino magnate Stanley Ho, who held a government-gran...

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Charter Hall and Abacus buy $630 million Sydney office tower

Charter Hall and Abacus buy $630 million Sydney office tower

Fund manager Charter Hall (ASX: CHC) has partnered with property group Abacus (ASX: ABP) to acquire a major Sydney CBD office tower. The expected purchase price for 201 Elizabeth Street is $630 million. Charter Hall will acquire 68 per cent of the building, with Abacus acquiring the remaining 32 per cent of tenants in common. The ...

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Rural Funds gives "zero clarity" to shareholders, claims Bonitas

Rural Funds gives "zero clarity" to shareholders, claims Bonitas

Bonitas Research has criticised Rural Funds Group's (ASX: RFF) "we will not disclose" response to requests for its commercial lease agreements, with the US short seller standing by its allegations the agricultural land fund fabricated rental income. The company's shares plunged 43 per cent on Tuesday after Bonitas accuse...

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Nick Scali shares rise despite flat same-store sales

Nick Scali shares rise despite flat same-store sales

Investors were encouraged by the performance of Nick Scali (ASX: NCK) today as shares in the furniture retailer pushed 8 per cent higher, with managing director Anthony Scali describing the record result as "satisfactory". The group notched its seventh straight year of record profit, up 2.8 per cent year-on-year at $42.1 million...

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Mirvac stacks up $1 billion profit for fourth straight year

Mirvac stacks up $1 billion profit for fourth straight year

Mirvac (ASX: MGR) has topped a ten-figure statutory profit margin for its fourth year in a row, buoyed by a string of leasing deals and high-performing CBD office markets. While the $1.019 billion statutory profit result is a $70 million drop from last year, Mirvac managed to deliver at the top end of its guidance. Revaluation uplifts...

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AMP to raise $650 million ahead of transformation strategy

AMP to raise $650 million ahead of transformation strategy

Embattled financier AMP (ASX: AMP) intends to raise $650 million to buoy a complete reinvention of the company The new AMP will be a "simpler, client-led, higher growth and higher return" business. AMP is in serious need of a facelift following a rough FY19 stacked with intense criticism of its practices that were revealed d...

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Business News Australia cracks 100,000 unique visitors mark

Business News Australia cracks 100,000 unique visitors mark

Business News Australia has bucked the trend of a challenging media environment with staggering organic growth in readership rates over the past year. Driven by a Millennial-majority demographic, the most recent data shows our independent news site reached 101,000 visits. This represents a staggering year-on-year growth of 84 per cent...

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Rural Funds hits back at short seller Bonitas

Rural Funds hits back at short seller Bonitas

Australia's most experienced agricultural fund manager has entirely rejected claims made by a Texas-based short seller whose report into the company sent its shares into freefall yesterday. Bonitas Research, an entity set up by Glaucus Research founder Matthew Wiechert who was responsible for similar attacks that prompted the dow...

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Charter Hall acquires Chifley Tower

Charter Hall acquires Chifley Tower

Two Charter Hall (ASX: CHC) managed wholesale funds have partnered with Singapore sovereign wealth fund GIC to acquire the iconic Chifley Tower. Charter Hall will assume the asset and property management of 2 Chifley Square, Sydney, increasing the group's funds under management (FUM) by approximately $1.8 billion to over $33 billion. ...

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One for the road: CEO resigns at Australia's largest pub property group

One for the road: CEO resigns at Australia's largest pub property group

The owner of Australia's largest portfolio of freehold pub properties will say cheers to its longstanding CEO after 16 years in the job. ALE Property Group (ASX: LEP) announced today its CEO and managing director Andrew Wilkinson will be stepping down to pursue new executive challenges. The executive has overseen a growth in ALE...

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CommBank will take on Afterpay in buy-now pay-later market

CommBank will take on Afterpay in buy-now pay-later market

Australia's largest bank is moving with the times in a financial market where buy-now pay-later (BNPL) companies like Afterpay (ASX: APT) and Zip Co (ASX: Z1P) have gained traction with consumers and investors alike. In its results announcement today, Commonwealth Bank (ASX: CBA) announced it had signed an agreement with Swedish onlin...

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Medicinal cannabis industry welcomes extended government support

Medicinal cannabis industry welcomes extended government support

The Federal Government has promised to support major medicinal cannabis projects to the delight of the sector. Under the plan, medicinal cannabis projects that have been granted major project status (MPS) will be given priority to receive medicinal cannabis licences through the Office of Drug Control (ODC). MPS is granted by the depar...

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Glaucus founder strikes again as Rural Funds Group shares collapse

Glaucus founder strikes again as Rural Funds Group shares collapse

Agricultural real estate investment trust Rural Funds Group (ASX: RFF) saw its shares plunge 43 per cent this morning following an activist short sell attack from Bonitas Research. The Texas-based fund was founded by Matthew Wiechert, also known as the founder of Glaucus Research which triggered the decline of Blue Sky Alternative Investm...

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Kip McGrath retires from global tutoring empire

Kip McGrath retires from global tutoring empire

Education entrepreneur Kip McGrath has retired from his namesake company with tutoring centres around the world, leaving a lasting legacy that began more than four decades ago in the Hunter Valley of NSW. The announcement comes shortly the board forecast net profit after tax for Kip McGrath Education Centres (ASX: KME) would be up 30 per ...

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Creso pushes further into blooming NZ medicinal cannabis market

Creso pushes further into blooming NZ medicinal cannabis market

Medicinal cannabis manufacturer and developer Creso Pharma (ASX: CPH) has signed a key deal with New Zealand's Medleaf Therapeutics. The deal will see Australia-listed Creso push deeper into the bourgeoning medicinal cannabis market across the ditch. Creso's movements come at a pivotal time in New Zealand, with the country gea...

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