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...

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...

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...

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...

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...

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...

Charter Hall consortium buys $700 million stake in Telstra properties

A consortium led by Charter Hall has acquired a 49 per cent interest in an unlisted trust of 37 exchange properties for $700 million. The properties in the trust are all leased to Telstra (ASX: TLS), with the telco giant set to retain a 51 per cent interest as well as operational control. The consortium is owned by three separate buye...

Despite "disappointing" results, Michael Hill is optimistic for year ahead

A transitional period and challenging market conditions have taken the sparkle out of Michael Hill's (ASX: MHJ) FY19. Group operating revenues were down slightly to $569.5 million while underlying earnings also dropped 13.7 per cent to $34.6 million. Michael Hill's FY18 net profit result was adjusted down to $1.6 million to ac...

This Apple backed founder thinks we need to rethink Australia's rigid economy

As the founder of Blackmagic Design, Grant Petty (pictured) certainly knows a thing or two about running a business. The company is one of Australia's most successful tech-plays in recent times. Founded in 2001 Blackmagic Design has been at the forefront of film and television ever since then with its varied suite of cameras, capture ...

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...

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...

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. ...

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...

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...

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...

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...

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...

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 ...

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...

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...