Half Yearlies Top 5: McGrath is the ASX’s top lodger this morning
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Stockhead has recapped the Top 5 half yearly results released this morning with the top being McGrath (ASX:MEA).
ASX-listed companies are required to lodge half-yearly results within two months after the end of the first half of their financial year, and for most ASX companies that is the end of this month.
McGrath, which is a real estate agency franchisor, rose the most of any ASX stock releasing half yearly reports today.
The company reported $56.7 million in revenue, up 16 per cent from the prior corresponding period, and a net profit after tax of $8.1 million – up from a $1 million loss in H1 of FY20.
It told investors that the residential property market had been resilient throughout COVID-19 and the positive market sentiment contributed to this result.
“Cashed up homeowners, many of whom are prevented from travelling either domestically and internationally, are now largely working from home and as such, are reassessing their lifestyle and surroundings,” said CEO Eddie Law.
“This is positive for our industry as it results in homeowners either transacting or improving the asset value of their current home.”
McGrath’s ASX shares rose 20 per cent this morning.
Not many resources stocks (barring the big producers) are producing and making revenue and even fewer in mineral sands.
But Base is an exemption having made US$72.8 million in revenue, from production of 33,684 tonnes of rutile, 144,363 tonnes of ilmenite and 12,677 tonnes of zircon.
While the company made a loss of US$6.3 million, this was mainly due to Kenyan dividend withholding taxes and the company would be paying a dividend of 3 cents per share.
The med tech company, which makes disease test kits, reported the half year was “exceptional” with record sales.
That flowed through to the company’s first formally reported profit of $4.5 million.
While Australia provided the majority of its revenues, it made its first orders in the US which have been fulfilled in the New Year.
One disease it screens for is COVID-19, and it noted Sydney’s Northern Beaches cluster and the burst of COVID-19 testing contributed significantly to its half-year results.
The EFTPOS terminal provider broke another record, reaching $12.1 billion in transactions processed and a gross profit of $61.2 million.
While Tyro still made a net loss after tax, it was 82 per cent narrower than the prior corresponding period.
CEO Robbie Cooke said he was proud of the result, noting it occurred in spite of many merchants continuing to endure tough trading conditions amidst COVID-19.
The company also updated its shareholders on last month’s connectivity issues and said it is working on a new solution to be combined with standard terminals to ensure it wouldn’t re-occur.
The “out of home” advertising industry (which essentially caters to billboards and electronic signage) was hit by COVID-19 and Ooh! couldn’t escape it. Its revenues fell 34 per cent and it swung from a $52.4 million profit to an $8 million loss.
But Ooh! said it had maintained its top position in the market and was seeing solid recovery in the December quarter – with revenues reaching 70 per cent of the prior corresponding period.