AMP reset not enough to stem losses

AMP reset not enough to stem losses

No matter how hard it has tried to change its business and culture, financial giant AMP (ASX: AMP) has not been enough to stop the company from posting a $2.5 billion net loss for FY19. Now well and truly post-Royal Commission AMP has struggled to regain customer and shareholder support over the year as it continues to deal with the fallo...

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Goodman upgrades forecast on solid first half

Goodman upgrades forecast on solid first half

Industrial logistics company Goodman Group (ASX: GMG) is positive about the future after posting a $810.6 million statutory profit in 1H20. The company has upgraded its forecast FY20 EPS growth by 11 per cent to 57.3 cents per security, after reporting $530.4 million in operating profit for the first half of FY20. The company says its...

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ATD ups Caltex takeover offer by $200m

ATD ups Caltex takeover offer by $200m

Canadian convenience store operator Alimentation Couche-Tard Inc (ATD) has increased its offer for Caltex Australia (ASX: CTX) to $8.6 billion, following a confidentiality agreement allowing access to non-public information. At $35.25 per share, the new conditional and non-binding offer represents a $200 million lift on ATD's pre...

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Rural Funds triumphs over short seller Bonitas in Supreme Court

Rural Funds triumphs over short seller Bonitas in Supreme Court

The Supreme Court of New South Wales has handed down a judgement in favour of Rural Funds Group (ASX: RFF), finding US-based short seller Bonitas made false and misleading statements. The proceedings, launched in September 2019, relate to a short selling report published by Bonitas in August of the same year which saw the shares in Rural ...

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ACCC puts $120m mortgage aggregator acquisition in doubt

ACCC puts $120m mortgage aggregator acquisition in doubt

Australia's competition watchdog has raised concerns over a proposed $120 merger that would bring two in every five mortgage brokers in the country under the one banner. In August Australian Finance Group (ASX: AFG) entered into a binding conditional implementation deed to merge with mortgage aggregator Connective Group, through ...

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Blackmores shares plunge as coronavirus taints outlook

Blackmores shares plunge as coronavirus taints outlook

Vitamin supplement company Blackmores (ASX: BKL) has come out of a trading halt to issue a dramatic cut to its profit outlook due to coronavirus disruptions and the costs of manufacturing changes. The Sydney-based group expects a net profit after tax (NPAT) of between $17-21 million for FY20, compared to a $53 million result the previous ...

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Shine prepares another class action against AMP

Shine prepares another class action against AMP

Financial planning firm AMP (ASX: AMP) is staring down the barrel of yet another class action. Shine Lawyers (ASX: SHJ) announced this morning that it was preparing to file its second class action against AMP, accusing the company of putting profits ahead of an estimated 100,000 clients. The law firm alleges AMP Financial Planning bre...

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Profits more than triple as Centuria snaps up property

Profits more than triple as Centuria snaps up property

Property investment manager Centuria (ASX: CNI) witnessed significant growth in 1H20 on the back of major acquisitions. The company saw its figures rise across the board, with revenue up 54 per cent to $80 million and statutory NPAT up 251 per cent to $78 million. Centuria enters the second half of FY20 with $7.3 billion in assets und...

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Creso develops hemp product for horses

Creso develops hemp product for horses

From soup to oils, supplements and powders, hemp is a seriously versatile product and consumers are hungry for its beneficial properties. But for Australian cannabis companies the plant presents a wealth of opportunity to generate cash considering it is less regulated than its medicinal CBD counterpart. Creso Pharma (ASX: CPH) hopes t...

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Double-digit online growth the icing on the cake at JB Hi-Fi

Double-digit online growth the icing on the cake at JB Hi-Fi

Online sales continue to contribute double-digit growth across the retailer's divisions in Australia and New Zealand.  A strong first half has meant profits could be as much as 8 per cent higher for the full year at electronics and home appliances retailer JB Hi-Fi (ASX: JBH), with sales forecasts lifted by $80 million. ...

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Could this startup's drone technology revive bushfire-ravaged Australia?

Could this startup's drone technology revive bushfire-ravaged Australia?

From creating hyper-detailed maps to delivering burritos and online shopping orders, companies are finding myriad ways to modify drone technology into commercial products. But this latest use of the tech could prove fruitful for bushfire affected communities and Australia's natural world as the country comes to terms with the destruct...

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GPT Group profit down 40 per cent

GPT Group profit down 40 per cent

It was always going to be a tough task for GPT Group (ASX: GPT) to repeat the $910.7 million property revaluation boost achieved in 2018, with Sydney office properties alone adding an extra $500 million to asset values. So while the company announced today that it managed to notch a $342.2 million net valuation gain last year, a year-on-y...

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Charter Hall REIT earnings up after acquisition-heavy half

Charter Hall REIT earnings up after acquisition-heavy half

A heavy acquisition strategy has paid off for Charter Hall's real estate investment trust (REIT) during 1H20, bagging the company a 206.5 per cent increase to its first half profits. During the half Charter Hall Long WALE REIT (ASX: CLW) announced $1.4 billion of new property acquisitions across a number of sectors and in partnership ...

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Mirvac buys Nine Entertainment HQ site in Sydney

Mirvac buys Nine Entertainment HQ site in Sydney

Mirvac Group (ASX: MGR) has entered a $249 million deal that will see it take over a redevelopment project on land currently home to Nine Entertainment's (ASX: NEC) headquarters in Willoughby, Sydney. Mirvac has entered into an agreement to acquire the site from LEPC9 Pty Ltd, a joint venture between Lotus Property Fund and Hong ...

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Flight Centre shares drop on coronavirus update

Flight Centre shares drop on coronavirus update

Travel agency Flight Centre (ASX: FLT) expects the coronavirus (2019-nCoV) outbreak will make it difficult to meet its earnings guidance of $310-$350 million for FY20, especially as profits tend to be weighted towards the second half. The company has encouraged staff in China to take leave while uncertainty surrounds the virus, ...

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Melco bails out of Crown Resorts deal

Melco bails out of Crown Resorts deal

Hong Kong-based Melco Resorts & Entertainment (Melco) has pulled out of an $880 million deal with Crown Resorts (ASX: CWN). The deal to acquire a bundle of shares in the Australian casino giant was canned as a result of the coronavirus according to Melco, which now intends to focus on its core operations. The acquisition of shares...

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Deep discount at Murray River Organics to raise $25m

Deep discount at Murray River Organics to raise $25m

After a few difficult years and the erosion of shareholder value, Murray River Organics (ASX: MRG) will further dilute its ownership in a bid to meet funding targets. The dried fruit company expects to reach positive cash flow in FY21 amidst improvements in higher-margin offerings and a 17 per cent cut to operating costs, but first it nee...

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Virgin Australia cancels services to Hong Kong

Virgin Australia cancels services to Hong Kong

Virgin Australia (ASX: VAH) will withdraw its services between Australia and Hong Kong, citing ongoing civil unrest in the region and the coronavirus outbreak. The cancellation of all services follows the airline's decision to suspend its Melbourne to Hong Kong service in November 2019, which is effective from 11 February. Its Syd...

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Third time lucky as Booktopia completes $20m capital raising

Third time lucky as Booktopia completes $20m capital raising

Following a failed IPO four years ago and a recent $10 million crowdfunding attempt that fell well short, online book retailer Booktopia has finally secured the capital needed to fund future growth.  The Australian-owned company has today announced it completed a $20 million capital raising from a consortium of private investors. ...

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Tom and Emma Lane to sell The Farm in Byron Bay

Tom and Emma Lane to sell The Farm in Byron Bay

An iconic food collective in the Australian capital for organic health chic is now on the market with CBRE agents expecting a sale price in the range of $20-25 million. Oroton fashion empire heirs Tom and Emma Lane (pictured) are selling The Farm, an unmissable sight when entering Byron Bay from the Pacific Motorway, with expressions of i...

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Proptech startup NurtureCloud gets $3m backing from Ray White

Proptech startup NurtureCloud gets $3m backing from Ray White

A Sydney property-tech startup with global potential has received a $3 million investment from Australia's largest real estate agency Ray White. Founded three years ago by serial internet entrepreneur Adam Rigby (pictured left), NurtureCloud helps agents spend less time on administrative tasks like call logging, diary a...

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Nick Scali beats guidance in tough retail environment

Nick Scali beats guidance in tough retail environment

Furniture retailer Nick Scali (ASX: NCK) can't put its feet up just yet despite pushing through a hostile retail environment in 1H20. The company saw both its sales revenue and NPAT soften during the half, impacted by weak consumer confidence during what was supposed to be its busiest time of the year. Nick Scali's NPAT was do...

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Dexus bounces back with profit up 37 per cent

Dexus bounces back with profit up 37 per cent

Revaluations continue to drive sharp changes in profitability at real estate company Dexus (ASX: DXS), although this time it's in a positive direction. After net profit plunged 25.9 per cent to $1.28 billion in FY19, the pendulum has swung back 36.9 per cent to hit $994.2 million for the first half alone in FY20. Almost all of the...

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Alliance Aviation hits cruising altitude

Alliance Aviation hits cruising altitude

Fly-in fly-out aircraft operator Alliance Aviation (ASX: AQZ) has reported its best first half results ever in 1H20 on the back of record flight hours. The company recorded profit before tax of $15.5 million, up 10 per cent on the prior corresponding period, and total revenue of $151.3 million representing a growth of 9.8 per cent. Al...

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Maurice Blackburn cracks open fresh case against Treasury Wine Estates

Maurice Blackburn cracks open fresh case against Treasury Wine Estates

Class action law firm Maurice Blackburn has uncorked another investigation into Treasury Wine Estates (ASX: TWE), after poor US performance prompted a drastic cut to the company's FY20 forecast.  The move follows a successful class action against the Melbourne-headquartered vintner in 2017 that led to a $49 million settlment...

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Computershare to acquire US registered agent business for $142.9m

Computershare to acquire US registered agent business for $142.9m

Share transfer company Computershare (ASX: CPU) has entered into an agreement to acquire US compliance services business Corporate Creations Enterprises (CCE) for $142.9 million. The acquisition will enable Computershare to expand its US footprint as CCE is one of the leading registered agent providers in the US with over 14,000 clients i...

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Qantas to suspend two major China routes

Qantas to suspend two major China routes

Australia's leading airline Qantas (ASX: QAN) has stopped short of blaming the coronavirus (2019-nCoV) for its decision to suspend two direct services to mainland China. The company has cited rostering challenges as behind the decision to suspend flights connecting Sydney to Beijing and Shanghai from 9 February to 29 March 2...

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Colette by Colette Hayman enters administration

Colette by Colette Hayman enters administration

Australia's challenging fashion retail climate has scalped its second victim in 2020 as handbag and accessories retailer Colette by Colette Hayman falls into voluntary administration. Deloitte Restructuring Services has today announced its partners Vaughan Strawbridge, Sam Marsden and Jason Tracy were appointed voluntary adm...

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Exponential profit growth for hemp hawker Ecofibre

Exponential profit growth for hemp hawker Ecofibre

Just a day after Elixinol's (ASX: EXL) fire sale of Hemp Foods Australia (HFA), another hemp company has reported an encouraging result to the market. Ecofibre (ASX: EOF), one of Australia's largest growers of hemp foods and a seller of hemp-based nutraceuticals, notched a 1883 per cent rise in profit for the first half of FY20. ...

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Temple & Webster boosted by Millennials entering furniture market

Temple & Webster boosted by Millennials entering furniture market

Online furniture and homewares retailer Temple & Webster (ASX: TPW) has followed up its first full year profit result in FY19 with a healthy half yearly result. The company is seeing its pure play model pay off as the Millennial market begins to enter its target demographic, with that gamble paying dividends during 1H20. The group...

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