Health issues force Michael Hill CEO to resign

Health issues force Michael Hill CEO to resign

Less than eight months into the job the CEO of jeweller Michael Hill (ASXL MJH) Phil Taylor (pictured top) has resigned. Citing the diagnosis of a "health issue", Taylor will step down to focus on his treatment and recovery. In his place is Daniel Bracken (pictured right), the now former CEO of Specialty Fashion Group (ASX: ...

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Premier Investments bucks retail slump with record sales

Premier Investments bucks retail slump with record sales

Premier Investments (ASX: PMV) notched outstanding retail sales results in FY18 with a solid contribution from online, but a revaluation of one of its brands ultimately drove profits southward. Taking stock of an increasingly competitive apparel retail sector in Australia and New Zealand, an impairment expense of $30 million for Just...

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The Agency set to acquire Top Level on $13.4m capital raising

The Agency set to acquire Top Level on $13.4m capital raising

The Agency Group (ASX: AU1) is going ahead with its acquisition of Top Level Real Estate, after securing $13.4 million in new equity. The Agency emerged from a trading halt this morning to announce that it will acquire the fast-growing Sydney firm upon raising $8.4 million from a share placement and $5 million from converting Top Level...

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Aged care providers tank in wake of royal commission announcement

Aged care providers tank in wake of royal commission announcement

After Prime Minister Scott Morrison announced a royal commission into Australia's aged care system the preeminent providers of the service on the ASX saw their shares take a tumble. At 12.20pm AEST Aveo is down 4.28 per cent to $2.16, Estia is down 18.3 per cent to $2.41 per share, Japara is down 14 per cent to $1.44, and Regis Health...

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ANTG forms partnership to export Aussie cannabis to Germany

ANTG forms partnership to export Aussie cannabis to Germany

As the global cannabis market continues to expand at a serious pace, Aussie cannabis companies are reaching out globally to form a powerhouse export market. Australian Natural Therapeutics Group (ANTG)  has recently announced a partnership that will allow it to export its cannabis for German patients. In partnership with Cannamed...

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ASIC to take second bite of the pie in ANZ cartel scandal

ASIC to take second bite of the pie in ANZ cartel scandal

Back in June, ANZ, Citigroup, and Deutsche Bank got caught up in a widely publicised scandal relating to alleged criminal cartel charges. The Australian Securities and Investments Commission laid charges against the banks and several senior personnel from each of the financial institutions. Today, ASIC has once again gone after ANZ fo...

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Confidence in crisis: Overcoming collateral damage after strawberry needle disaster

Confidence in crisis: Overcoming collateral damage after strawberry needle disaster

The Scurr family and their company Piñata Farms have invested substantial sums to develop some of Australia's most advanced strawberry operations, including high-tech hydroponic substrate farming, new varieties and even metal detectors in the packhouse. But the latter was done to avoid stray rocks or jewellery, not needles like...

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Healthia outstretches expectations with early lift after IPO

Healthia outstretches expectations with early lift after IPO

With Dr Glen Richards of Greencross (ASX: GXL) fame at the helm as chairman, physiotherapy and podiatry business Healthia (ASX: HLA) has had a glowing first week on the stock market with shares up by almost a third on the prospectus price. The new company formalises a merger between two allied health companies - My FootDr Podiatry an...

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Corporate Travel Management launches SMART Corporate Travel platform

Corporate Travel Management launches SMART Corporate Travel platform

As more professionals travel frequently across the country and the globe for business, the small-to-medium enterprises (SME) they work for often struggle to keep track of cost. Finding the best rates and knowing the exact financial impact of travel is becoming a serious business consideration, one which Corporate Travel Management is supp...

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Capilano beekeepers back $190m takeover honeypot

Capilano beekeepers back $190m takeover honeypot

Twists and turns continue as Capilano Honey (ASX: CZZ) prepares to sell to a China-focused private equity group. The honey producer this morning announced it has received support from foundation shareholder Capilano Beekeepers Limited to go ahead with the sale to Wattle Hill. The transaction, worth $190 million, would see 100% of the ...

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Step down or face shareholder revolt, Solomon Lew urges Myer chairman

Step down or face shareholder revolt, Solomon Lew urges Myer chairman

Myer's (ASX: MYR) leading shareholder has demanded chairman Garry Hounsell "step down immediately" after the retailer reported a net loss in FY18 that is almost $130 million larger than its market capitalisation. Premier Investments Limited has been consistently railing against the Myer board's decisions over the past ye...

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Another "disappointing" result for Myer as profits slide

Another "disappointing" result for Myer as profits slide

"These results are obviously disappointing and shareholders deserve better," says Myer CEO John King. One of Australia's biggest retail brands has reported a 52 per cent plunge in profit for a financial year marked by shareholder indignation at a disappointing discount program that failed to deliver results. The bottom l...

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AusCann lists on US stock exchange to boost international operations

AusCann lists on US stock exchange to boost international operations

One of Australia's leading listed cannabis companies has jumped across the Pacific to list on one of America's leading stock exchanges. AusCann Group (ASX: AC8) has commenced trading on the US OTCQX Market under the stock symbol ACNNF. The OTCQX is an investor-focused US market featuring US and global companies. To qualify for...

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Slater and Gordon announces all-out attack on banks to get your super back

Slater and Gordon announces all-out attack on banks to get your super back

Slater and Gordon is launching a full-on assault on Australia's financial institutions in a campaign to secure more than one billion dollars in super from the banks. Their campaign is called Get Your Super Back and it is shaping up to be an intensive, lengthy, and expensive battle. "Slater and Gordon will take on the banks on...

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Why now is the best time for your business to go solar

Why now is the best time for your business to go solar

Karl Brown (pictured), the founder of one of Queensland's largest solar businesses Instyle Solar, has quickly become a guru for the sector. Where many solar businesses have faltered, Instyle has soared, supplying thousands of Queenslanders with cost-saving solar tech since its founding in 2012. But according to Brown, the benefits...

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Yellow Brick Road rejects takeover, talks up bidding war

Yellow Brick Road rejects takeover, talks up bidding war

Financial services group Yellow Brick Road (ASX:YBR) has urged shareholders to reject a $25.4 million takeover bid by corporate raider Sir Ron Brierley, while indicating that a potential bidding war could be on the horizon for the company. In a letter to shareholders, the Mark Bouris-led group argues that the offer from Mercantile Investm...

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Suncorp confirms sale of life insurance arm delivering bulk shareholder returns

Suncorp confirms sale of life insurance arm delivering bulk shareholder returns

Suncorp's (ASX: SUN) $725 million sale of its life insurance arm to Japanese insurance group Dai-ichi Life is set to deliver windfall returns for shareholders. The sale, announced in early August alongside its FY18 results, is set to deliver approximately $600 million to shareholders according to Suncorp. The sale to Dai-ichi'...

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Zelda secures partnership to crack the German medicinal cannabis market

Zelda secures partnership to crack the German medicinal cannabis market

With the medicinal cannabis movement expanding globally, Australian pharmaceutical group Zelda Therapeutics (ASX: ZLD) are riding the wave not just at home but abroad too. On Tuesday, the company announced a partnership with German medicinal cannabis company HAPA Medical that provides HAPA with first rights to distribute and manufacture Z...

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Capilano slams reports of the fake honey caper

Capilano slams reports of the fake honey caper

Capilano Honey (ASX:CZZ) isn't buying into the intrigue of international gangs flooding the Australian market with fake honey. The Brisbane-based producer has slammed media reports that it may be unwittingly selling fake honey after nuclear magnetic resonance (NMR) testing revealed that Allowrie's Mixed Blossom Honey was 'adul...

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CannPal steps up testing of cannabis drug for pets

CannPal steps up testing of cannabis drug for pets

After successfully testing its cannabis-derived pain formulation on a group of Beagles and Foxhounds, CannPal Animal Therapeutics (ASX:CP1) has begun a new phase of its study into determining safe dosages for pets. CannPal declared the Phase 1A pharmacokinetic and safety study for the CPAT-01D formula a success after testing of 11 dogs sh...

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The Agency yet to turn a profit after doubling revenue

The Agency yet to turn a profit after doubling revenue

A solid pace of real estate agent recruitments and acquisitions has led to a near doubling of sales revenue for The Agency (ASX:AU1), but one-off set up costs continue to impact the tearaway group which posted a marginally higher bottom-line loss for FY18. The Agency, formed two years ago by a handful of McGrath's (ASX:MEA) top agents...

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Retail Food Group tops off horror year with $306m loss

Retail Food Group tops off horror year with $306m loss

Embattled franchise operator Retail Food Group (ASX:RFG) capped off a horror year by posting a $306.7 million bottom-line loss and revealing it remains at 'significant risk' of breaching debt covenants over the next 12 months.

The loss, the first time the Gold Coast-based company has plunged into the red in any financial year as ...

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NEXTDC smashes revenue guidance but profit dives

NEXTDC smashes revenue guidance but profit dives

Following a year of intense competition with main rival 360 Capital, NEXTDC (ASX: NXT) has come out smashing its earnings guidance. The company reported revenue of $161.5 million for FY18, above its guidance of $152-158 million. However, the group's profit dived from $44.9 million at the end of FY17 to $6.6 million in FY17. Ea...

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TPG, Vodafone agree to form $15b telco powerhouse

TPG, Vodafone agree to form $15b telco powerhouse

TPG Telecom (ASX: TPG) and Vodafone Hutchison Australia (VHA) are set to join forces after agreeing to a merger that would create a fully integrated telecommunications operator with an enterprise value of $15 billion. In an announcement to the Australian Stock Exchange this morning, the companies said the proposed deal would create a &quo...

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Turbulence for Virgin Australia with $653m loss

Turbulence for Virgin Australia with $653m loss

Virgin Australia's (ASX: VAH) financial results nosedived in FY18 due to major accounting adjustments, but underlying profit was the highest its been in a decade. The $653.3 million loss was largely driven by approximately $451.9 million in deferred tax assets that have been de-recognised. Virgin Australia CEO John Borghetti empha...

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Closure of Emma & Roe and US stores hits Michael Hill results

Closure of Emma & Roe and US stores hits Michael Hill results

The closure of Michael Hill's (ASX: MHJ) United States arm in addition to its fledgling Emma & Roe brand materially impacted the jewellery retailer's FY18 results. The jeweller's statutory net profit fell 85.9 per cent to hit $4.6 million. Despite the setback, CEO Phil Taylor says the company is in a better position go...

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EVENT Cinemas feels the pinch, QT Hotel emerges the hero

EVENT Cinemas feels the pinch, QT Hotel emerges the hero

EVENT Hospitality & Entertainment (ASX: EVT) has delivered strong growth on the back of its hotels business, while EVENT Cinemas has been weighed down by a declining Australian box office. The listed company behind the QT brand of hotels, Event Cinemas, and the Thredbo Alpine Resort, delivered normalised profits after tax of $124.3 mi...

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Village Roadshow blames Comm Games and Dreamworld for disappointing results

Village Roadshow blames Comm Games and Dreamworld for disappointing results

The 2016 Dreamworld tragedy has had implications for more than just Ardent Leisure, with Movie World operator Village Roadshow (ASX: VRL) blaming the disaster for its own misfortunes. The listed entertainment company chalked up its underperforming results in its theme parks division to the reputation Dreamworld has wrought on the Gold Coa...

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Cromwell asset base grows as statutory profit suffers

Cromwell asset base grows as statutory profit suffers

While Cromwell Property Group (ASX: CMW) may have increased its assets under management (AUM) over the past year, its statutory profits have dwindled. The real estate investor achieved a statutory profit of $204.1 million, down 26.5 per cent, impacted most heavily by $76.1 million worth of net decreases in recoverable amounts on its asset...

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Record result for Flight Centre as emerging ventures wait in the wings

Record result for Flight Centre as emerging ventures wait in the wings

Travel agency Flight Centre (ASX: FLT) has announced a record underlying profit before tax of $384.7 million for FY18, underpinned by a strong performance in the Americas and EMEA (Europe, Middle East and Africa), as well as a "solid turnaround" in Asia. Net profit after tax (NPAT) was up 14 per cent at $264.2 million in a ...

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