Sydney Articles

Vita Group reports record revenues

Vita Group reports record revenues

The latest financial year has been kind to Vita Group, with the company posting record revenues of $753.7 million, up ten per cent on FY18. Earnings were $45.8 million, up 12 per cent, and net profit after tax grew by ten per cent to $24.3 million. Vita Group says the results reflect continued momentum in the group's ICT division....

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How the 'Transformation Economy' will reshape Australian retail

How the 'Transformation Economy' will reshape Australian retail

For the world of retail this decade has been all about the dichotomy of online versus physical; clicks versus bricks. It is a distinction that has confounded the dinosaurs of traditional Australian retail, leading to the demise of many purely physical retailers, and egging on the rise of online warehouse type platforms like Amazon or Aust...

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Vocus lifts FY20 guidance after profits take a beating

Vocus lifts FY20 guidance after profits take a beating

Shares in telco Vocus Group (ASX: VOC) rose 10 per cent this morning after the company lifted its profit guidance for FY20 by around $9 million. Despite a tough year that saw Vocus unable to reach takeover deals with two suitors and a class action brought by Slater & Gordon alleging misleading or deceptive conduct in 2016, t...

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Fintech Zip Co cuts loss in half

Fintech Zip Co cuts loss in half

In FY20 the company plans to launch instalments for business, secure strategic deals with banks and partners, enter everyday spend categories, and oversee the launch of its recently acquired PartPay in the UK. With buy-now pay-later (BNPL) players in a frantic race against time to capture international market share and brand recognition, ...

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Record revenue for Qantas but high fuel costs guzzle profit

Record revenue for Qantas but high fuel costs guzzle profit

Australian airline Qantas (ASX: QAN) posted record revenue for FY19, but faced some pretty stiff headwinds that dragged its profits down. Luckily for Qantas, planes take off into the wind. The group's underlying profit before tax was down 17 per cent to $1.3 billion despite the company posting record revenue results. Fuel cost...

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Nine triumphs over weak free-to-air market

Nine triumphs over weak free-to-air market

A challenging free-to-air (FTA) market threatened to undo Nine Entertainment (ASX: NEC) in FY19, but the media company pulled up on top. On a statutory basis, Nine reported a net profit after tax of $234 million, up 12 per cent on FY18. Meanwhile, group earnings grew by 10 per cent to $424 million. These relatively strong results ...

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Record portfolio growth for Nearmap in milestone year

Record portfolio growth for Nearmap in milestone year

Aerial mapping group Nearmap (ASX: NEA) completed a "milestone" year with record portfolio growth as the company prepares to dive into artificial intelligence. Group annualised contract value grew by a record $24 million to $90.2 million, with contracts in North America contributing more than one third of the total portfolio. ...

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Stockland profits smashed by devaluations

Stockland profits smashed by devaluations

While developer Stockland (ASX: SGP) may have added $505 million to its cash balance from retail town centre divestments in FY19, the company suffered devaluations to its current portfolio that were approaching that figure. The Sydney-headquartered group recorded a 4 per cent increase in funds from operations (FFO) for FY19 to $897 millio...

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WiseTech profit up 39 per cent thanks to "relentless innovation"

WiseTech profit up 39 per cent thanks to "relentless innovation"

WiseTech (ASX: WTC) is proving a salve to global logistics pain points as its software gains traction around the world, bringing a significant boost to profits in the process. In its FY19 results today the Sydney-based company reported EBITDA was up 39 per cent at $108.1 million, driven by "geographic expansion, relentless innovation...

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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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Aussie businesses tap travelling workforce to solve staffing issues

Aussie businesses tap travelling workforce to solve staffing issues

With unemployment in Australia continuing to hover at around 5 per cent, recruiting and retaining quality talent is becoming a growing challenge. Not only does it affect companies' ability to grow, it impacts customer service and productivity levels. Helping alleviate this pressure is The Global Work & Travel Co., the Gold Coa...

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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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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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James Warburton replaces Tim Worner as chief of Seven

James Warburton replaces Tim Worner as chief of Seven

Tim Worner (pictured), CEO of Seven West Media (ASX: SWM), has today resigned from the company. Worner leaves with immediate effect to be replaced by former CEO of Network Ten, APN Outdoor and Supercars James Warburton. Warburton previously worked for Seven as a chief digital and sales officer before leaving the company become Ten'...

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Charter Hall consortium buys $700 million stake in Telstra properties

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...

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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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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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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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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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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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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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