ASX reporting season: All the latest news as listed companies report their results to investors
So, that’s the weekend done. Let’s get back to it, shall we.
Last week was a big one for company reports, and this week promises to be another blockbuster, with some huge household names ready to lift the lid on their financial performance - grocers Coles and Woolworths, Dan Murphy’s owner Endeavour Group, Woodside Energy, Qantas, Domino’s Pizza, Harvey Norman.
Expect a few surprises.
There’s been plenty so far, and more than a couple of disappointments that have dampened the mood of shareholders.
The S&P/ASX200 fell for the fifth-straight trading session on Friday as investors continue to punish businesses for any misses in their results.
Who’s turn will it be today?
Step up WA-based contractor Perenti, Adairs, Ampol, APA and Lovisa.
Lovisa payout flat despite lift in revenue, profit
Shares in jewellery chain Lovisa have sunk more than 6 per cent despite reporting a surge in revenue for the first half to $405.9 million - up 8.8 per cent from a year earlier.
Profit was also higher - up 6.5 per cent to $56.9m as gross margins grew to 82.4 per cent.
It keep its interim dividend flat at 50c a share.
Comparable store sales were flat at 0.1 per cent as it opened another 57 stores in the six months to the end of December, taking its global netowrk to 943, including 180 in Australia. It also has 209 in the US and 88 in France, along with a portfolio that stretches across Europe and South-East Asia.
“Lovisa has once again been able to deliver solid sales and profit growth, with the highlight another outstanding gross margin performance, and the store rollout accelerating in Q2,” said chief executive Victor Herrero.
Spending on its digital marketing and events execution, inflationary pressures and increased mix of stores in higher cost markets meant a higher cost of doing business for the period.
Lovisa’s shares were off 5 per cent to $27.84 at 11.55am AEST.
Kogan builds on return to profit with solid first-half
Online retailer Kogan has declared a 7c-a-share dividend and will resume a share buyback program after growing statutory net profit 19 per cent in the first half to $10.3 million.
Group revenue was up 9.9 per cent to $272.7m.
“Having returned the company to profitability in FY24, I’m pleased to report today that we have built on that momentum and returned the business to strong sales growth in 1HFY25,” said founder and CEO Ruslan Kogan.
“This was achieved through disciplined execution, operational efficiencies, and strategic initiatives that we expect will continue to drive sustainable growth into the future.
“As our customers continue to navigate the ongoing cost-of-living crisis, we are committed to easing the burden by offering market-leading prices on the most in-demand products and essential services.”
Group active customers grew 9.4 per cent year-on-year to 3,002,000 while Kogan.com active customers grew 15.7 per cent to 2,345,000.
Kogan has also reported a solid start to the second half, with sales up 24.9 per cent year on year to $80.4m, despite a 6 per cent decline at its Mighty Ape subsidiary in New Zealand.
Perenti profit decreases despite revenue rise
Mining services contractor Perenti has seen its revenue for the final six months of 2024 rise 6 per cent to $1.7 billion, but net profit shrunk 13 per cent to $56.3 million.
Perenti said profit for the latter half of 2023 was higher due to a “$29 million non-cash gain” from the acquisition of drilling business DDH1.
Net cash flow swung from a $55.2m inflow to a $207m outflow after Perenti repaid US debt and saw operational cash inflow fall.
Ampol profits tank on refinery woes
Profit at service station chain Ampol has nosedived after earnings derived from its oil refining business tanked in 2024.
It reported statutory net profit for the full year fell 78 per cent to $122.5 million - down from $549.1m the previous financial year.
CEO Matt Halliday said the financial year was one of challenging global refining and commodity markets that impacted both its Lytton refinery in Queensland and trading and shipping operations.
“While these conditions were compounded by operational disruptions at Lytton, we took advantage of the softer conditions to complete necessary repairs,” he said.
“This has enabled us to start 2025 with the refinery resuming normal operations and to defer the major FCCU4 maintenance shutdown into 2026.
“Our retail businesses were the highlight with convenience retail growing earnings again this year, while Z Energy delivered another resilient performance, both against the backdrop of economic environments where higher interest rates and inflation increased cost of living pressures on consumers.
The board declared a final ordinary dividend of 5c a share, fully franked, taking the full- year ordinary dividends to 65c a share.
Ampol said its convenience retail business started the year solidly, albeit in a rising fuel price environment.
“Green shoots of improved trading conditions are evident in New Zealand as the benefits of the rate cutting cycle take effect,” it said.
WiseTech directors exit over White role ‘differences’
Disagreements among WiseTech’s board over a future role in the company for founder Richard White has forced the exit of four independent directors.
The logistics software giant dropped the bombshell news in an announcement to the ASX this morning, saying non-executive members Lisa Brock, chairman Richard Dammery, iinet founder Michael Malone and Fiona Pak-Poy would quit after the company releases its half-year results on Wednesday.
The board has been working on a new deal that will shuffle majority shareholder Richard White into a 10-year consultancy role.
That arrangement was agreed late last year as WiseTech was being dogged by a series of media reports that alleged Mr White used his influence to gain sexual favours, paid for a multimillion-dollar house for an employee that he had been in a relationship with, and awarded a lucrative contract to a then-lover.
But it was revealed earlier this month - along with news that the board is investigating two new complaints lodged against Mr White - that it was still to settle on agreed terms for his new position.
WiseTech on Monday said the exit of the four directors “followed intractable differences in the board and differing views around the ongoing role of the founder and founding CEO, Richard White”.
“Their resignation will take effect after the signing of the half-year financial report and release of half-year results to ASX on Wednesday.”
The company also issued an update on financial guidance, saying revenue would come in at the lower end of previous guidance “due to further delays to the rollout of the three announced breakthrough products”.
