EXCLUSIVE INTERVIEW: Sterling success for Michael Hill after 40 years

EXCLUSIVE INTERVIEW: Sterling success for Michael Hill after 40 years

Michael Hill was a late bloomer in the world of business and for the last 40 years he's been making up for lost time. Now with more than 300 stores across Australia, New Zealand and Canada, it is hard to believe the man whose name is so synonymous with jewellery was once apprehensive to start a business. Hill comes from a lon...

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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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Cleanaway shares plunge despite profit surge

Cleanaway shares plunge despite profit surge

Investors have dumped shares in Cleanaway Waste Management (ASX: CWY) despite significant boosts to profits and its final dividend.  Shares in the Melbourne-based company dropped 10.5 per cent to $2.13 in early trading even though net revenue was up 35 per cent at $2.1 billion, reflecting strong growth across all operating segments. ...

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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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Macro Mike growth pushed by passion and peanuts

Macro Mike growth pushed by passion and peanuts

He snatched up the Startup title at last year's Gold Coast Young Entrepreneurs Awards, and now Macro Mike founder Michael Kellett is taking Australia by storm. Kellett is taking on multinational health food conglomerates with his range of 100 per cent natural protein products and gym supplements, with some big deals in the pipeline. ...

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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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Aussie camel milk skincare products selected for Amazon Launchpad

Aussie camel milk skincare products selected for Amazon Launchpad

Summer Land Camels joins the likes of Sydney-based Nexba and VITAMAN, Byron Bay's Salt Gypsy, Melbourne's SODA and Lyre's in Amazon's initiative for homegrown innovative products.  Amazon Australia has selected a Queensland-based camel milk skincare product line for its Launchpad program to help startup...

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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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Why applying the 'Dodo' philosophy in business can help you avoid extinction

Why applying the 'Dodo' philosophy in business can help you avoid extinction

The dodo is...or was...a bird native to Mauritius, an island in the middle of the Indian Ocean. It thrived in a world without natural predators, it grew fat, its wings got small and it became flightless.  When the Portuguese arrived and colonised the island, the Dodo became their main source of food. Today it's an extinct...

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JB Hi-Fi posts record sales and earnings

JB Hi-Fi posts record sales and earnings

It has been another strong year for retail giant JB Hi-Fi (ASX: JBH), posting record sales and earnings. Total sales were up 3.5 per cent to $7.1 billion and NPAT was up 7.1 per cent to $249.8 million. These continued strong results, showing growth every financial year since FY15, demonstrate the brand's strong position in the Aus...

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Harvey Norman divests interest in The Byron at Byron Resort

Harvey Norman divests interest in The Byron at Byron Resort

Harvey Norman (ASX: HVN) and its founder Gerry Harvey have sold their stake in The Byron at Byron Resort for $41.7 million. The luxury hotel has been acquired by Syrian entrepreneur and billionaire Ghassan Aboud. Harvey established the hotel in 2005 in partnership with his listed retail business Harvey Norman. The resort is highly...

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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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Phi Finney McDonald launches class action against LendLease

Phi Finney McDonald launches class action against LendLease

A second class action against property group Lendlease (ASX: LLC) has been launched by law firm Phi Finney McDonald. It follows a similar class action brought by Maurice Blackburn in April and relates to LendLease's underperforming engineering division. As alleged by Phi Finney McDonald, LendLease announced that it would need to w...

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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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MGC Pharma to construct large scale cannabis production facility in Malta

MGC Pharma to construct large scale cannabis production facility in Malta

MGC Pharmaceuticals (ASX: MXC) is establishing a key gateway into the potentially lucrative European cannabis market with the construction of a new production facility in Malta. The Australian company has signed a long-term lease agreement on the 6,000sqm site in Malta with Malta Industrial Parks. The company says this major event is ...

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ACCC alleges HealthEngine manipulated reviews, misused patient data

ACCC alleges HealthEngine manipulated reviews, misused patient data

Online health booking platform HealthEngine has responded to allegations levelled by the consumer watchdog that it manipulated reviews and misused patient data. The Australian Competition and Consumer Commission (ACCC) commenced proceedings against HealthEngine, making allegations that the company engaged in misleading and deceptive condu...

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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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Rural Funds founder: "I will be buying shares"

Rural Funds founder: "I will be buying shares"

The board of beseiged farmland owner Rural Funds (ASX: RFF) has adopted a strategy to deliberately "lack detailed explanation" in its immediate response to financial irregularity allegations from US short seller Bonitas Research.  In early trading RFF shares were up almost 33 per cent at $1.80, but still well shy of the $2....

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Tritium electrified on $30 million raise

Tritium electrified on $30 million raise

Brisbane-based electric vehicle (EV) charger developer Tritium is positioned to raise $30 million to support its fast-growing customer base. The raise will allow for increased production to meet its ever-growing collection of customers. The company has already exported over 3,000 DC fast, high-powered chargers to more than 30 countries an...

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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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Record profit takes Alliance to new heights

Record profit takes Alliance to new heights

Alliance Aviation Services (ASX: AQZ) felt the wind beneath its wings this past financial year. The charter flight company favoured by Aussie fly-in fly-out (FIFO) workers reported a FY19 record profit of $32.8 million, an impressive 25.7 per cent lift on FY18. More than 38,000 flying hours across a fleet of 38 aircraft also supported...

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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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