Corporate: WestStar Industrial banked $17.8 million last quarter; shares jump 55pc
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Engineering and construction services provider WestStar Industrial (ASX: WSI) has jumped over 40 per cent this morning after a quarterly you’d expect to see for a company with a market cap far larger than $18 million.
It made almost the exact same amount in cash receipts, a 300 per cent quarter on quarter increase. Net cash inflow was $8.4 million and operating payments were less than receipts.
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WestStar’s clients include BHP, Rio Tinto and Iluka Resources. It has begun this financial year with $5 million worth of contracts and aims to exceed last year’s haul of $50 million.
“The June quarter has been exceptional for WestStar, both operationally and financially.”
WestStar has nearly tripled since the start of this year, begining 2019 at 1.3 cents but now at 3.8 cents rising by 31 per cent at the start of trade.
Homewares and furniture online retailer Temple & Webster (ASX: TPW) also had a positive quarter and financial year. It made $101.6 million full year revenue, an increase of 41 per cent and a substantial increase in customers. Despite its success, the company is not content, telling shareholders it is just getting started since only 4-5 per cent of the market has gone online. Furthermore it noted millennials were entering its core demographic and other developments physical store closures and 5G speeds would make things even better
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Waste water solutions provider Fluence (ASX: FLC) has dropped 15 per cent after its quarterly. It admitted its financial performance was not as strong as it would have liked and will need US$40 million to fund operations. It still said it would achieve earnings profitability by Q4.
TasFoods (ASX: TFL) announced its half-yearly today and its revenue equalled $20.8 million. While its operational earnings were in the red by $700,000, it said this was influenced by its Betta Milk acquisition. It promised existing operations would deliver positive earnings.