Earnings season
Earnings season finished as it started, with widely divergent price movements averaging out to a 1% gain for the ASX200 Index from 30 June 2023 to 30 August 2023. Companies reported mixed financial outcomes, with some exceeding expectations and others falling short.
Numerous earnings reports highlighted concerns about elevated interest and inflation rates potentially affecting consumer spending and revenue projections. Additionally, the ongoing conflict between Ukraine and Russia continues to disrupt supply chains.
Below please find a table of the largest gains and falls.
While far from the heady prices of 2020 and 2021, EML Payments Limited share price has now exceeded the previous peak of last September as it beat operating guidance and wrote down the values of the PFS & Sentenial businesses.
Megaport Limited narrowed its losses, and boosted EBITDA guidance for FY24.
GUD Holdings Limited met broker expectations with organic growth around 7 to 8% and added growth from the APG and Vision X acquisitions. GUD commented that “solid margin performance across the Automotive and APG businesses in a volatile operating environment”, which suggests there were sceptics given the nature of the environment.
St Barbara ended the year a smaller company, with the CEO commenting that the sale of the Leonora Assets resulted in a strong financial position and a smaller corporate team to focus on delivering value from the Atlantic and Simberi assets, while shareholders had received a distribution of Genesis shares, which were received in part-payment for the Leonora asset sale.
In contrast, Core Lithium progressed its transition from developer to miner with the finalising of its executive team plus a capital raising to provide additional financial flexibility during its Finniss ramp up, as well as funding BP33 early works, ongoing sustaining capital and a targeted regional exploration program.
Chalice Mining’s share price had been trading down since May and fell again when it issued its scoping study for the Gonneville Ni-Cu-PGE (nickel, copper and platinum group elements) Project.
