TechnologyOne profit up 130 per cent

TechnologyOne profit up 130 per cent

Brisbane-based TechnologyOne (ASX: TNE) has reported 1H19 profits before tax up 130 per cent on the back of higher value annual software as a service (SaaS) contracts. Net profit before tax at the end of the first half was up 130 per cent to $24.5 million, with profit attributable to members up 119 per cent to $17.9 million. Revenue w...

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Blue Sky Alternatives Access Fund secures control of bank account

Blue Sky Alternatives Access Fund secures control of bank account

Listed spinoff of Blue Sky Alternative Investments (ASX: BLA) the Alternatives Access Fund (ASX: BAF) has confirmed it is solvent and now separate from its parent as BLA falls into receivership. Last week, the directors of BAF took steps to secure control of the bank account holding in excess of $29 million by placing a stop on the accoun...

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Blue Sky calls in receivers

Blue Sky calls in receivers

After a year of languishing results, director conflicts, class action speculation and a failed rescue deal with a US venture capital fund, Blue Sky Alternative Investments (ASX: BLA) has finally hit the wall. Shares in the company have been suspended from the ASX today after Blue Sky announced it had appointed KordaMentha as its...

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Virgin takes a $100 million nosedive

Virgin takes a $100 million nosedive

Virgin Australia (ASX: VAH) has announced an expected loss of $35.6 million at the end of FY19 this morning. The dive is expected to result from a $100 million earnings dip which the company says reflects domestic trading conditions and annual fuel and forieng exchange headwinds in excess of $160 million. This shock announcement comes...

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Superloop and QIC fail to come to agreement

Superloop and QIC fail to come to agreement

QIC's proposed $494 million takeover of Superloop (ASX: SLC) is dead in the water after the two parties could not come to a suitable transaction offer. Superloop says that after opening up the books to QIC Private Capital for a three-week period of exclusive due diligence neither party could come to an agreement. "The announc...

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VentureCrowd grows with SMSF Properties Australia acquisition

VentureCrowd grows with SMSF Properties Australia acquisition

VentureCrowd is now the largest crowdfunding platform in Australia by volume of capital raised following its acquisition of SMSF Properties Australia. The consolidated group brings together VentureCrowd, a more traditional crowdfunding platform, with SMSF, a crowdfunding model for property investment and development. The deal creates ...

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Short seller VGI Partners launches $75m IPO

Short seller VGI Partners launches $75m IPO

The hedge fund behind the short selling attacks on Slater & Gordon and Corporate Travel Management has launched a $75 million initial public offering (IPO). VGI Partners lodged the IPO this morning, with ordinary shares being offered under at a price of $5.50 per share, implying a market capitalisation of $369 million. The hedge f...

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CommBank remediation bill passes $2 billion mark

CommBank remediation bill passes $2 billion mark

Commonwealth Bank (ASX: CBA) has put aside $714 million for customer remediation provisions while its bottom line continues to be hammered by the aftershock of the Royal Commission. Australia's largest listed company announced today the measure would cut its net profit after tax (NPAT) for the third quarter by 28 per cent, even though...

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ACCC opposes Vodafone and TPG merger

ACCC opposes Vodafone and TPG merger

The Australian Competition and Consumer Commission ('ACCC') has announced that it will block the merger between telecommunications giants TPG Telecom (ASX: TPM) and Vodafone (ASX: HTA), saying the merger would lessen competition.  The consumer watchdog inadvertently published a statement online this afternoon stating that the...

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Westpac first half profit down $1 billion

Westpac first half profit down $1 billion

Westpac (ASX: WBC) has seen its profits dive in 1H19 thanks to major remediation and restructuring items. At the end of the half the group recorded a net profit of $3.2 billion, down 24 per cent on 1H18, with earnings down 22 per cent to $3.3 billion. The group says profits were hit by provisions for estimated customer refunds, repaym...

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Melbourne tech startup A Cloud Guru raises $46M

Melbourne tech startup A Cloud Guru raises $46M

A fast-growing enterprise technology company specialising in online cloud computer training has completed one of the biggest funding rounds in Australia to date in 2019, with backing from domestic and US investors. A Cloud Guru (ACG) has successfully closed a growth equity investment of USD$33 million (AUD$46.8 million), led by US-ba...

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Bellamy's shares soar as China gives new brand the tick of approval

Bellamy's shares soar as China gives new brand the tick of approval

Shares in milk-formula producer Bellamy's have spiked following the announcement that a new China-focused formula brand has been approved by Chinese regulator SAMR. The company is awaiting final certification of all changes from SAMR which it anticipates will be received shortly. Prior to producing, the parties may make further amendm...

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Gilbert + Tobin optimistic following bumper year for mergers and acquisitions

Gilbert + Tobin optimistic following bumper year for mergers and acquisitions

Gilbert + Tobin are certainly no strangers to some of the largest Australian mergers and acquisitions (M&A). Most recently the company advised on the acquisition of business software company MYOB by KKR for $2 billion. So, when the firm says that the future is looking bright for M&A that's a fairly strong indication that t...

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NAB takes $525M hit as it repays short-changed customers

NAB takes $525M hit as it repays short-changed customers

National Australia Bank (ASX: NAB) has copped a $525 million cost to repay aggrieved customers in the wake of the banking Royal Commission. This $525 million after tax ($749 million before tax) bill accounts for increased provisions for NAB's customer-related remediation program and is expected to cut its 1H19 cash earnings by a whopp...

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Blackmores reveals unhealthy quarter as company heir takes the reins

Blackmores reveals unhealthy quarter as company heir takes the reins

The son of the late founder of Blackmores stepped in as interim CEO at the beginning of April and now the company has revealed the state of the group he's inherited. At the end of 3Q19 Blackmores' profit was down 43 per cent to $10 million. Revenue was also down 4 per cent to $141 million. For the first nine months the com...

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Longtable completes the acquisition of Maggie Beer Products

Longtable completes the acquisition of Maggie Beer Products

The acquisition of Maggie Beer's eponymous line of gourmet foods has been completed by listed food company Longtable (ASX: LON). Longtable now owns 100 per cent of Maggie Beer Products after purchasing the remaining 52 per cent not already owned for $10 million. In order to acquire the remaining 52 per cent of Maggie Beer Products...

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Health conscious Aussies becoming a toothache for Easter chocolatiers, experts warn

Health conscious Aussies becoming a toothache for Easter chocolatiers, experts warn

The rising number of Australians concerned with what they consume is causing chocolatiers to change their product offerings around Easter according to a report by IBISWorld. Whilst the anticipated Easter chocolate spend in Australia will continue to grow this year chocolatiers are being pushed to produce more premium and healthier Easter ...

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Citi to refund $3M over complex investment losses

Citi to refund $3M over complex investment losses

One of the world's largest banks will refund more than $3 million to Australian customers over losses from complicated fixed coupon structured products, following an investigation from the country's financial watchdog. The Australian Securities and Investments Commission (ASIC) put Citigroup under the microscope to examine ho...

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QANTM backs down on Xenith merger

QANTM backs down on Xenith merger

The battle for control of intellectual property business Xenith IP Group (ASX: XIP) has more or less come to a close now that QANTM (ASX: QIP) has backed out of the ring. After QANTM's rival in the courtship of Xenith, IPH (ASX: IPH), increased its takeover bid Xenith gave QANTM until Thursday 11 April to match the bid. But today,...

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Challenging half hits BOQ in the pocket

Challenging half hits BOQ in the pocket

Industry-wide challenges have hurt the Bank of Queensland (ASX: BOQ) during the first half of the 2019 financial year. The bank saw cash earnings after tax down 8 per cent to $167 million and statutory NPAT down 10 per cent to $156 million. Revenue was down slightly by 2 per cent to $544 million. Interim CEO Anthony Rose blamed th...

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