It’s earnings season again as the ASX market announcements page becomes increasingly flooded with earnings lodgements.

To save you the trouble of trudging through it all, we’ve wrapped up the highlights from some of the reports that caught our eye.

 

Harmoney Corp (ASX:HMY)

Highlights:

For the full year FY23

  • Record cash NPAT of $4.7 million, and cash ROE (return on equity) of 9%
  • Group loan book grew 28% on pcp to $744 million
  • Revenue grew 47% to $107 million driven by loan book growth

Non-bank lender Harmoney surged 19% this morning after reporting a solid FY23.

The company said its strong cash profit for the year can be attributed to continued growth in existing customer originations, as well as shift in focus from loan book growth to profitability.

Harmoney says revenue is also underpinned by its 100% consumer-direct model, combined with the growing efficiency of its highly targeted marketing spend.

The company believes that a ROE of 20% in the medium term is achievable as it continues to benefit from economies of scale and further technology enhancements.

Meanwhile, Harmoney has added a third Australian warehouse facility to its funding panel. The new $140m facility is provided by one of the Big Four Australian banks and introduces a new global mezzanine funder.

“We are also actively working with Google on opportunities to apply the latest developments in artificial intelligence to further augment and enhance automation within our Stellare platform,” said Harmoney CEO, David Stevens.

 

Halo Technologies (ASX:HAL)

Highlights:

  • Funds under management increased by $98.7m since 31 December 2022
  • Halo says it’s continuing to see inflows of client FUM at this time

The online equities research and trade execution software company slipped -9% despite reporting a 52% increase in funds under management (FUM) for the full year.

Halo says FUM as of 28 July was $289.9m, a 52% increase from the $191.2m in FY22.

According to Halo, the increase represents a significant milestone in the realisation of its core strategy for the remainder of 2023 to grow its direct and third-party distribution channels in Australia.

The company also says it wants to be recognised for delivering accessible institutional grade investment technology to all types of investors.

At the moment, Halo says it’s seeing continued inflows of client FUM, and will provide a further update at its half-year performance report.

However, Halo warns that the relationship between FUM and the economic benefit received by Halo can vary dramatically based upon the propensity of an adviser or client to transact.

The vast majority of economic benefit to Halo occurs when transactions occur. The timing, size, and likelihood of transactions by new clients meanwhile is difficult to predict.

“Accordingly, we caution against a simple extrapolation of HALO’s financial results based upon an increase in FUM,” said the release.

 

Weebit Nano (ASX:WBT)

Highlights:

  • Weebit Nano qualifies its ReRAM chips for automotive grade temperature
  • This also means ReRAM is suitable for a broad range of applications

Not earnings news, but developer of advanced memory chips for the semiconductor industry, Weebit Nano, rose 3% after saying that its Resistive Random-Access Memory (ReRAM) can stand heat up to 125 degrees Celsius.

This is the temperature specified for automotive grade 1 Non-Volatile Memories (NVMs).

The achievement demonstrates the suitability of Weebit’s ReRAM for use in microcontrollers and other automotive components, as well as high-temperature industrial and IoT applications.

Most chips for consumer and industrial applications need to be qualified for up to 10 years at temperatures between zero and 85 degrees Celsius.

Advanced automotive components are much more stringent, requiring qualification at higher temperatures for 10 years or longer, with zero failures.

Weebit has successfully passed the entire set of qualification tests at 125 degrees Celsius for 10 years retention, demonstrating the quality and repeatability of its embedded ReRAM IP for applications requiring high-temperature reliability.

CEO Coby Hanoch said that in his discussions with Tier-1 foundries and semiconductor companies, he’s seeing increased interest in ReRAM for automotive and industrial applications.

“Proving the resilience of Weebit ReRAM at such high temperatures will continue to move these discussions forward,” Hanoch said.

 

Share prices today:

 

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