In this section we look at all the important announcements affecting companies this week.

  • Brambles (BXB) – Posted its highly antipated HY profit result and there was a lot riding on it following what has been a tough year. The pallet maker posted an underlying NPAT rise of 1% to US$493.7m which was is line with expectations. It’s NPAT came in at US$447.2m up from US$146.2m. The result was buoyed by a one off-benefit of US$130.1m due to a reduction in the company’s net deferred tax liability in the US.
  • Santos (STO) – Shares were down after the oil and gas producer posted its interim result. It missed expectations. Underlying profit rose more than five-fold to US$336m but it was lower than a consensus forecast of US$349m. Overall it was a loss of US$360m which was a big reduction from US$1.047bn in 2016. The loss included an impairment charges of US$689m against Gladstone LNG, US$149m against Ande Ande Lumut and US$14m against another asset. Sales rose 21% to US$3.17bn. Despite the miss, the result was a positive result and vast improvement from previous results. It showed a definite turnaround and that the business was tracking along well. Free cash flow was up and net debt was lower. The board decided to pay down debt instead of declare a dividend
  • Seven West Media (SWM) – Posted a strong profit result, shares closed the day up almost 20% after the company beat profit expectations. It increased its cost cutting plans to $125m which was cheered on by the market although it has suspended dividend due to weaker revenue and rising competition from Nine Entertainment.
  • Lendlease (LLC) has delivered a 7.8% rise in profit to $425.7m which was a lot higher than an expected $365m. Revenue rose 9.4% to $8.69bn from $7.95bn. It was a strong performance driven by the group’s development segment supported by the residential sector. The only laggard was the company’s construction segment which underperformed. Interim distribution 34c. LLC also announced an on market share buyback up to $500m.
  • GetSwift (GSW) shares came back on line and plummeted by more than 60% after the company confessed that less than half its announced contracts had progressed to a revenue generating stage. According to GetSwift’s website it claimed it had landed deals with big brands such as Pizza Hut, CBA and even Amazon. The Amazon contract cause an 84% share rise and subsequent $100m capital raising. But thanks to the sceptics, its bogus contracts were found out and proven disingenuous. Shares fell another 20% after disgrunted shareholders launched a $300m class action against the company alleging Mr Macdonald and GSW mislead and deceived investors about its contracts.
  • Woodside Petroleum (WPL) – Has completed its $2.5bn capital raising with $1.57bn coming from institutions and the remaining rights sold in the shortfall bookbuild. The equity raising will fund ExxonMobil’s stake in the Scarborough gas field and other projects.
  • Vocus Group (VOC) – More bad news. Shares were hit after the company cut its full-year profit guidance due to a rise in subscriber costs in its consumer business and softer than expected energy sign ups. It now expects FY underlying NPAT to come in at $125m-$135m down from $140m-$150m.
  • Aconex (ACX) – Has posted a solid result. It boosted revenue by 12.8% to $86.9m. Database giant Oracle has made a takeover bid of $1.6bn which its management and board support.
  • Oil Search (OSH) – Has tripled its dividend on the back of FY profit of US$302.1m. This was up 213% on the back of higher prices and record production. The result was in line with analysts’ expectations with a final dividend of US5.5c.It signalled a proposed LNG expansion that would double gas exports from PNG. It has yet to be approved by the Government.
  • Lovisa (LOV) – 1H NPAT rise 22.5% pc to $24.8m. The fashion jeweller defied the retal slump and posted a better than expected profit result boosted by its global store expansion program. NPAT rose 22.5% to $24.84m while revenue rose 19% to $118.62m. EBITDA was up 3.2% to $34.7m which fell in line with its guidance for $34.5m-$35m. Interim dividend of 13c.