Move your Bod! Major sales increase for medicinal cannabis group

Move your Bod! Major sales increase for medicinal cannabis group

Australian medicinal cannabis company Bod (ASX: BDA) has seen sales of its MediCabilis product soar during August. The company dispensed 329 MediCabilis prescriptions in August, representing an increase of 95 per cent from July 2019 when prescriptions totalled 169. Further, prescriptions for August represent a 467 per cent increase on...

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Telstra divests Chief Entertainment to UK broadcast company

Telstra divests Chief Entertainment to UK broadcast company

UK-based Gravity Media has acquired Australian live studio and production services business Chief Entertainment from Telstra (ASX: TLS). Gravity Media already operates in Australia under the Gearhouse Broadcast, HyperActive Broadcast and Input Media brands, and hopes the acquisition of Chief Entertainment will completement this suite of c...

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The Agency defies real estate gloom with revenue boost

The Agency defies real estate gloom with revenue boost

If the results of real estate giant McGrath and industry e-rag Domain are anything to go by, the sector is going through some major turbulence. But that certainly hasn't impacted The Agency (ASX: AU1) which defied the odds in FY19. In spite of the doom and gloom real estate sector that resulted in McGrath posting a $15.6 million l...

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Future expansion on the cards for a fit Healthia

Future expansion on the cards for a fit Healthia

For growing allied health company Healthia (ASX: HLA) FY19 was a year of establishing a solid foundation. The financial year was Healthia's first as an ASX listed entity, and the team has knocked its own expectations out of the park. Underlying revenue exceeded its prospectus forecast by 6.6 per cent, EBITDA was ahead of its prosp...

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Fintech Frollo acquires AI startup Hip Money

Fintech Frollo acquires AI startup Hip Money

Digital finance platform Frollo is expanding its horizons into the world of artificial intelligence with a fresh acquisition. The Australian company has taken over Hip Money, a US-originated and Australian-based tech startup founded in 2017 that uses AI to help users eliminate debt and save money. Frollo expects Hip Money's A...

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Brand write-downs and restructuring drive $149m loss for Retail Food Group

Brand write-downs and restructuring drive $149m loss for Retail Food Group

Store closures and a heavy FY19 loss capture the tone of a challenging year for Retail Food Group (ASX: RFG), a franchisor that is finetuning its focus against a backdrop of significant asset impairments and restructuring costs. Brands are everything in the food business, particularly if brand IP is a key part of your model like RFG ...

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Silver Chef dumps Next Capital sale in favour of Blue Stamp Company

Silver Chef dumps Next Capital sale in favour of Blue Stamp Company

Silver Chef (ASX: SIV) has dumped a sale to Next Capital after key shareholder Blue Stamp Company (BSC) spoke out about the "groundswell of disdain" for the proposal. Silver Chef now intends to work with BSC on a recapitalisation program, after announcing today it had terminated the Next Capital scheme implementation a...

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Australian cannabis companies bring in revenue but remain in the red

Australian cannabis companies bring in revenue but remain in the red

Three of Australia's top cannabis companies have released their FY19 results today, and the story is similar across the board. Revenue and income are being generated at a stronger level than in the previous financial year, but all three remain unprofitable. AusCann Group (ASX: AC8) saw its revenues rise by 267 per cent to $1.5 mil...

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BlueScope Steel accused of price fixing by ACCC

BlueScope Steel accused of price fixing by ACCC

The Australian Competition and Consumer Commission (ACCC) has taken action against BlueScope Steel (ASX: BSL) and its former general manager sales and marketing Jason Ellis for alleged cartel conduct. The watchdog alleges that between September 2013 and June 2014 BlueScope and Ellis attempted to induce steel distributors in Australia and ...

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Weak property market takes its toll on Yellow Brick Road

Weak property market takes its toll on Yellow Brick Road

Wealth managers Yellow Brick Road have posted a FY19 net loss after tax of $37.39 million, with the company blaming negative property market forces for the result. The company says that this loss can be attributed to lending volumes being 19 per cent lower than the 2019 year, largely due to market forces. The group was hit by a non-ca...

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Slater & Gordon UK hit with a counterclaim by Watchstone Group

Slater & Gordon UK hit with a counterclaim by Watchstone Group

Once a prized acquisition of law firm Slater & Gordon (ASX: SGH) and now an aggrieved respondent, Watchstone Group has launched its own counterclaim against the separate UK law firm. The professional services business, formerly known as Quindell, was acquired for $1.3 billion by Slater & Gordon in 2015. It was the beginning of...

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Cann Global high on Costco partnership

Cann Global high on Costco partnership

Shares in Cann Global (ASX: CGB) are spiking on the news that the medicinal cannabis developer and manufacturer has partnered with big-box retailer Costco in Australia, up 24 per cent to $0.031 per share at 3.59pm AEST. The deal sees Costco ordering 6900 bottles of Cann Global's popular VitaHemp organic premium hemp seed oil daily cap...

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Profits climb and shares drop for AI leader Appen

Profits climb and shares drop for AI leader Appen

Machine learning and artificial intelligence (AI) dataset company Appen (ASX: APX) notched a 60 per cent jump in revenue to reach $245.1 million in the first half of 2019. The Sydney-headquartered company recorded a 33 per cent rise in statutory net profit after tax (NPAT) to hit $18.6 million. Chief executive officer Mark B...

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Longtable pulls off Maggie Beer turnaround strategy

Longtable pulls off Maggie Beer turnaround strategy

Food company Longtable (ASX: LON) has performed a successful turnaround of boutique brand Maggie Beer Products after acquiring remaining shares in the group for $10 million in April. The Maggie Beer brand generated a turnaround of $3.5 million to deliver an EBITDA of $2 million, with revenue up 8.5 per cent. Longtable h...

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Village Roadshow divests promo business as theme park profits surge

Village Roadshow divests promo business as theme park profits surge

Entertainment group Village Roadshow (ASX: VRL) has sold promotional solutions agency Edge Loyalty Systems to California-headquartered Blackhawk Network for $32.3 million.  Founded in 2006 and acquired by Village Roadshow in 2012, Edge Loyalty Systems promotes brands for major Australian and international businesses including&nb...

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Global conditions take Apollo profits down a gear

Global conditions take Apollo profits down a gear

A subdued global RV sales market has seen Apollo Tourism & Leisure's (ASX: ATL) underlying profits slide by 24.6 per cent to $14.7 million. Despite the soft profit Apollo reported record revenue of $365.2 million, up 2.7 per cent, and its global rental days hit a record of 886,000. Globally retail sales were subdued with macro...

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Afterpay partners with VISA as US sales almost touch $1 billion mark

Afterpay partners with VISA as US sales almost touch $1 billion mark

The company most synonymous with the growing buy-now pay-later (BNPL) phenomenon has posted an 86 per cent rise in total income for FY19, but the result has come at a cost as Afterpay Touch Group (ASX: APT) establishes its overseas ventures. While Afterpay's income almost doubled to reach $264 million, investments in the US and UK led...

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Virgin Australia profits crash land amid "disappointing" results

Virgin Australia profits crash land amid "disappointing" results

Adverse market conditions in the second half of FY19, new route investments, and increased fuel costs have resulted in Virgin Australia (ASX: VAH) posting an underlying loss of $71.2 million. However, the statutory loss after tax of $315.4 million for FY19 is a significant improvement from FY18's $653.3 million loss, up 337.9 per cent...

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Rebrand appears promising after tough year for Bellamy's

Rebrand appears promising after tough year for Bellamy's

While FY19 was a difficult year for organic baby food producer Bellamy's Organic (ASX: BAL) things appear to be looking up. The company posted a statutory NPAT of $21.7 million for FY19, down nearly 50 per cent from FY18's strong $42.8 million profit. Revenue was also down by 19 per cent to $266.2 million, and EBITDA was down ...

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Why leading blue-chip brands modernised their finance function - and why you should too

Why leading blue-chip brands modernised their finance function - and why you should too

Manual updates, disorganised data, and systems shutting down. These scenarios were some tipping-points that recently led CFOs from four Australian blue-chip brands to modernise their organisation's finance function. Companies with similar number-crunching issues need to modernise their finance function, or risk being left behind, acco...

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