Seven posts $444.5 million loss

Seven posts $444.5 million loss

Just days after the resignation of its CEO Tim Worner Seven West Media (ASX: SWM) has posted a monumental full year loss. The company has recorded a $444.5 million loss for FY19, down from a profit of $133.7 million in FY18. The announcement follows the resignation of Worner last Friday, who was replaced by former Network Ten CEO Jame...

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Zip fastens growth prospects with overseas acquisition

Zip fastens growth prospects with overseas acquisition

Zip Co (ASX: Z1P) is spreading its wings into new markets with an acquisition that sees it following in the footsteps of competitors in a global marketplace for buy-now pay-later (BNPL) services.  Similar to the way that Afterpay has pushed significantly into the US, and how Swedish buy-now pay-later solution Klarna has arrived in Au...

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Kogan shares rise after gross sales race past $500m

Kogan shares rise after gross sales race past $500m

E-tail giant Kogan (ASX: KGN) expanded its product offering into uncharted territory in FY19 and delivered double digit earnings growth as a result. The company's shares have risen by more than 8% today after the group reported it had surpassed half a billion dollars in gross sales for the year.  Revenue was up 6.4 per c...

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What will be the legacy of the Hayne Royal Commission?

What will be the legacy of the Hayne Royal Commission?

The Hayne Royal Commission into the banking and financial services industry uncovered plenty of ugliness about Australia's leading financial institutions. The institutions themselves are still dealing with the fallout of the Royal Commission; class actions, board spills, and "restructure" plans are abound this year. What...

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Uniti Wireless to acquire FTTP network for $100 million

Uniti Wireless to acquire FTTP network for $100 million

Adelaide-based teclo Uniti Wireless (ASX: UWL) is continuing on its spending spree with the announcement of a $100 million acquisition. The group hopes to raise $100 million in order to acquire builder and wholesale operator of private fibre networks LBNCo. LBNCo is described by Uniti as "highly profitable" and is predominan...

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Lendlease profit dives 40 per cent during "difficult" trading year

Lendlease profit dives 40 per cent during "difficult" trading year

Property project developer Lendlease (ASX: LLC) has capped off a tough FY19 with a 40 per cent dive in profits, down to $467 million from $793 million. The financial year was a rough one for the developer, with class actions being thrown at it by Phi Finney McDonald and Maurice Blackburn, and an ailing engineering and services business dr...

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Rhipe harvests a bumper full year profit

Rhipe harvests a bumper full year profit

Cloud solutions company Rhipe (ASX: RHP) has posted an operating profit of $12.8 million for FY19, up 65 per cent on the previous year. This healthy harvest comes as the group has continued to grow across the business during the financial year, particularly its Asian focused business. Sales were up by 28 per cent to $252.5 million dur...

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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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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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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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CommBank will take on Afterpay in buy-now pay-later market

CommBank will take on Afterpay in buy-now pay-later market

Australia's largest bank is moving with the times in a financial market where buy-now pay-later (BNPL) companies like Afterpay (ASX: APT) and Zip Co (ASX: Z1P) have gained traction with consumers and investors alike. In its results announcement today, Commonwealth Bank (ASX: CBA) announced it had signed an agreement with Swedish onlin...

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Suncorp investors get $506m gift from Australian Life Insurance sale

Suncorp investors get $506m gift from Australian Life Insurance sale

The loss incurred from the sale of its Australian Life Insurance business was the main reason why Suncorp's (ASX: SUN) profit plummeted in FY19, but shareholders will be rewarded for their patience with a generous payout. Within months of the resignation of CEO Michael Cameron, the Brisbane-based company posted a net profit after...

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Yowie escapes coup as Bolton and Khan clash over Keybridge

Yowie escapes coup as Bolton and Khan clash over Keybridge

Troubled investment firm Keybridge Capital (ASX: KBC) has been choc-blocked in its attempt to oust chairman Louis Carroll from confectioner Yowie (ASX: YOW), with investors seemingly taking little encouragement from the suitor's own internal conflicts.  Keybridge, backed by notorious corporate raiders Farooq Khan and Nichola...

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VGI launches another ASX entity for new Asian investment strategy

VGI launches another ASX entity for new Asian investment strategy

VGI Partners (ASX: VGI) hopes to raise $500 million for the launch of a new Asian investment strategy and subsequent ASX-listed fund. Investors will be able to access VGI's latest strategy through a new entity VGI Partners Asian Investments Limited (ASX: VG8). This latest move comes just four months after the hedge fund launched a...

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Blue Sky ditched as SA venture capital fund manager

Blue Sky ditched as SA venture capital fund manager

Embattled fund manager Blue Sky Alternative Investments (ASX: BLA) has been dropped by the South Australian government from its role of managing the state's venture fund. The independent committee in charge of the $50 million SA Venture Capital Fund (SAVCF) is in the process of appointing a new fund manager to oversee the investments ...

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Healthia on a roll with latest acquisitions

Healthia on a roll with latest acquisitions

Diversified health business Healthia (ASX: HLA) has been on a buying spree of late, with today's acquisition of a suite of hand therapy clinics its latest purchase. The group, chaired by former Greencross CEO Dr. Glen Richards, has acquired four specialty hand therapy clinics in Sydney for $3.5 million in total. Group CEO of Physi...

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Qantas' stake in Alliance hits turbulence

Qantas' stake in Alliance hits turbulence

Qantas' (ASX: QAN) acquisition of a 20 per cent interest in Alliance Airlines (ASX: AQZ) has triggered alarm bells for the competition watchdog. In a statement released this morning, the Australian Competition and Consumer Commission (ACCC) noted some red flags relating to certain transport routes only travelled by Qantas and Alliance...

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Superloop earnings return to normal after major project completion

Superloop earnings return to normal after major project completion

Major network builds will be the foundation for Superloop's (ASX: SLC) earnings recovery over the next financial year. The company announced this morning it expects FY20 underlying guidance to double year-on-year to $14-$16 million. This growth is backed by recent network builds as well as strong anticipated growth in its fibre co...

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Oaktree takes hold of Blue Sky's water assets

Oaktree takes hold of Blue Sky's water assets

The carving up of Blue Sky Alternative Investments (ASX: BLA) has begun with assets set to be filtered through to the vulture fund that came to its rescue in the darkest hour.  Yesterday the embattled company announced restructuring would commence this week with the transfer of its water and agricultural funds - known as its real ass...

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Corporate raiders come knocking at Yowie's door

Corporate raiders come knocking at Yowie's door

A pair of notorious corporate raiders behind two unsuccessful attempts to buy out confectioner Yowie (ASX: YOW) are taking matters into their own hands. Farooq Khan and Nicholas Bolton have launched an attempt to have chairman Louis Carroll and executive director Glen Watts removed from the company board. It is the latest play from th...

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