RCR Tomlinson offloads upgrades and maintenance business

RCR Tomlinson offloads upgrades and maintenance business

The voluntary administrators behind RCR Tomlinson have completed another sale, bringing the total number of RCR businesses sold to eight. RCR's upgrades and maintenance (U&M) business has been sold to UGL Operations and Maintenance. The administrators, McGrathNicol, were unable to disclose the total sale price of the upgrades ...

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Rollercoaster ride for Longtable amidst capital raise and Maggie Beer acquisition

Rollercoaster ride for Longtable amidst capital raise and Maggie Beer acquisition

Shares in Longtable (ASX: LON) rose 36 per cent between in the lead-up to 28 February, right before a trading halt relating to its acquisition of Maggie Beer, a capital raise, and the group's 1H19 results. After the trading halt was lifted, shares fell back down to earth. Premium food producer Longtable (ASX: LON) has had a rollercoas...

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Steve Scanlan sells remaining stake in Recon Group

Steve Scanlan sells remaining stake in Recon Group

Labor hire company People Infrastructure (ASX: PPE) has acquired the remaining outstanding shares in its existing IT businesses, Recon Solutions and Project Partners, for $2.8 million. Recon Solutions is recognised as a market leader in IT recruitment in Queensland and Project Partners is a technology and consulting firm that assists its ...

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Online fashion retailer THE ICONIC increases market share

Online fashion retailer THE ICONIC increases market share

Online fashion retailer, THE ICONIC, has increased its market share in Australia and New Zealand from 9 to 15 per cent as it confirms its status as one of the fastest growing pure online plaer in both countries. The fashion and sports retailer released a trading update which also reveals it now sells 1,000 brands and 60,000 products on it...

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Retail Food Group shutting stores and slashing costs on heavy losses

Retail Food Group shutting stores and slashing costs on heavy losses

Under siege fast food franchise operator Retail Food Group (ASX: RFG) has closed 93 of its stores in the first half of the financial year and plans to shutter more as it revealed a loss of $111 million. RFG, which operates Donut King, Gloria Jeans, Michel's Patisserie, Brumby's and Crust Gourmet Pizza says it will continue to slas...

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Longtable scoops up the rest of Maggie Beer

Longtable scoops up the rest of Maggie Beer

After 40 years, one month and nine days Maggie Beer has decided to sell her eponymous food brand. It has been a long time coming for Maggie who first sold 48 per cent of the brand to Melbourne based food company Longtable (ASX: LON) in 2016. Speaking to Business News Australia Beer said the decision to sell came at the right point in ...

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Nexba secures funding from Gaingels just in time for Mardi Gras

Nexba secures funding from Gaingels just in time for Mardi Gras

Right in the midst of Mardi Gras Nexba has become the first Australian company to secure funding from Gaingels, an investment vehicle for LGBT founders. The sugar-free beverage producer, which recently expanded into the UK, scored $150,000 from Gaingels as part of its $6 million Series A capital raise. Derived from "gay angels&qu...

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Cromwell profit rises on strong investments

Cromwell profit rises on strong investments

Real estate investor and manager Cromwell Property Group (ASX: CMW) has come out the end of 2018 with a strong investment portfolio and a clear mandate for the future. The company reported half year statutory profit of $111.1 million, up 37.5 per cent on 1H18, and operating profit was $82.6 million, up 7.6 per cent on 1H18. Cromwell n...

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Blue Sky's restructure continues to hit the bottom line hard

Blue Sky's restructure continues to hit the bottom line hard

The rehabilitation efforts of Blue Sky's (ASX: BLA) board are still ongoing, but they were not enough to improve the company's results at the end of 2018. The company reported an underlying net loss after tax of $25.7 million, down by $41.8 million from the profit at the end of 2017. This loss was outside the lower end of what the...

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Michael Hill's exit from the US starting to pay off

Michael Hill's exit from the US starting to pay off

After shutting up shop in the United States and reducing its Australian footprint Michael Hill is starting to see some success again. At the end of December 2018, the jewellery retailer's statutory NPAT rose by 125 per cent to $19.5 million, compared to $8.5 million at the same time a year ago. Earnings also rose during the period...

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Bubs and Bega buddy up for new baby formula

Bubs and Bega buddy up for new baby formula

Infant formula and baby food producer Bubs (ASX: BUB) has entered into a partnership with dairy giant Bega (ASX: BGA) to produce a new goat milk formula for infants. Bubs and Bega subsidiary Tatura will work together to convert fresh goat milk into formula in one step, without intermediate spray dry to whole milk powder. Bubs says this meth...

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Macquarie Telecom records another strong result

Macquarie Telecom records another strong result

For the past nine financial halves data centre operator Macquarie Telecom (ASX: MAQ) has recorded growth in revenue and profit. The half ending December 31 was buoyed by continued investments into the group's data centres, positioning the company well for the serious demand Australian businesses have for data storage. Revenue was ...

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Slater & Gordon in sell-off after senior lenders set free

Slater & Gordon in sell-off after senior lenders set free

Restructuring efforts from law firm Slater & Gordon (ASX: SGH) have failed to ward off a loss of $10.3 million for 1H19, as the group continues its path to recovery after a woeful foray into the UK market. The result compares to a profit of $141.2 million at the end of 2017, a figure that was only supported by a on...

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Afterpay shares dives on first half loss

Afterpay shares dives on first half loss

Just one day after Afterpay (ASX: APT) slipped through a Senate report on the buy-now pay-later (BNPL) sector without a scratch, the company is facing the rebuke of shareholders on the back of its first half results. Shares are down after the company announced it suffered an increase to its first half loss after tax of 3043 per cent to $2...

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Blackmores chief to step down

Blackmores chief to step down

The head of vitamin and supplements company Blackmores (ASX: BKL) will be stepping down after just 18 months in the role. The resignation of chief executive officer Richard Henfrey (pictured) was announced this morning, a week after the group forecast short-term impacts on profit growth due to softened conditions in China and the cos...

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WiseTech buys Containerchain for $92m

WiseTech buys Containerchain for $92m

Founder-led logistics software group WiseTech Global (ASX: WTC) is set to expand its international reach after sealing a deal to buy Singapore-based containerisation solutions provider Containerchain for $92 million. The acquired group covers more than five million import and export container movement notifications each year, and has offi...

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Lendlease restructures after 96 per cent profit dive

Lendlease restructures after 96 per cent profit dive

Lendlease (ASX: LLC) has reported a disappointing first half of the financial year, with profit diving to $15.7 million from $425.6 million in the previous year. This 96 per cent plummet has led management to announce a reconsideration of the value Lendlease's underperforming engineering and services business. The company has dete...

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National Vet Care results work a treat

National Vet Care results work a treat

As the ASX's leading vet stock Greencross (ASX: GXL) prepares to formally leave the bourse in a couple of days after its buyout from TPG, other companies in the space will certainly have large shoes to fill. With a market capitalisation worth around a fifth of Greencross' value, another Queensland-based outfit National Veteri...

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Adairs puts retail concerns to bed with comfy online growth

Adairs puts retail concerns to bed with comfy online growth

Bedding retailer Adairs (ASX: ADH) improvd its online sales in the first half of 2019 and notched an uptick as a result. During the first half online sales contributed 15 per cent of Adairs' total sales, with sales via the company's online store up 42 per cent to $24.3 million. Overall sales were up 10.6 per cent to $164.4 mil...

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ASIC swoops on GetSwift with civil proceedings

ASIC swoops on GetSwift with civil proceedings

GetSwift (ASX: GSW) and its directors Bane Hunter and Joel Macdonald are once again in the firing line. The Australian Securities and Investment Commission (ASIC) has today launched civil proceedings against GetSwift in the Federal Court of Australia in Melbourne. The proceedings relate to a series of ASX announcements made by GetSwif...

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