Reporting Season Round Up: Adacel, the smallest company to release results, posted the biggest gains

Here it is – your daily round up of ASX companies’ financial results. Reporting results to market this morning were several large caps and one $100m company – Adacel (ASX:ADA) – that beat the rest.

Adacel Technologies (ASX:ADA)

Adacel was the smallest company to release results this morning by market capitalisation, and it outperformed the rest of the market.

The air traffic control software company tripled its profit before tax from $2.2 million to $7.7 million and more than doubled its cash at hand to $11.5 million.

Adacel declared a dividend of 6 cents per share, up 140% from FY20 and is tipping a slightly increased profit in FY22 in AUD terms although it is changing its reporting currency to USD.

Adacel Technologies (ASX:ADA) share price chart

Ainsworth Game Technologies (ASX:AGI)

The $350m company, named after Len Ainsworth who founded Aristocrat Leisure (ASX:ALL) and provides pokies and online casino games, did not provide formal results but gave a forecast.

It expects a profit before tax of approximately $1 million and underlying earnings for FY21 to be $19 million.

The company also announced a five year deal with American gaming service provider GAN (NDQ:GAN) whereby Ainsworth would give GAN exclusive online rights to 79 unique slot titles.

While Ainsworth noted North America was performing strongly, lockdowns in New South Wales and other states posed a risk to the company’s operations.

Ainsworth Game Technologies (ASX:AGI) share price chart

Mirvac (ASX:MGR)

The property group made a 61% gain in its statutory profit, with $901 million compared to $558 million in FY20.

Mirvac’s other achievements included its highest residential sales result since FY16, launching the first build to rent project at Sydney’s Olympic Park and reducing its carbon footprint by 80% across the investment portfolio.

Mirvac (ASX:MGR) share price chart

Telstra (ASX:TLS)

Telstra’s CEO Andrew Penn declared that 2021 was a significant year and a turning point in its financial trajectory.

The company upped its net profit by 3.4% to $1.9 billion despite a 11.6% dip in its total income.

In FY22, the company tips underlying earnings of over $7 billion which would represent mid to high single digit growth.

Telstra (ASX:TLS) share price chart

AMP (ASX:AMP)

AMP only announced half yearly earnings but it was an improvement from the prior corresponding period.

The company’s underlying net profit after tax came in at $181 million, up from $115 million in the prior corresponding period.

AMP also clarified its planned demerger of its global equities and fixed income business was on track.

AMP (ASX:AMP) share price chart

AGL Energy (ASX:AGL)

AGL recorded a statutory loss after tax of $2.058 billion and earnings of $1.666 billion, with the latter figure down 18% of FY20.

The company has 4.5 million customers and 41,137 Gwh in generation volumes.

For FY22 it is tipping a return to profitability between $220 million and $340 million and that it would deliver at least $150 million in operating cost reduction.

AGL CEO Graeme Hunt said the result was because of lower wholesale electricity prices and reduced electricity generation output at peak periods.

AGL Energy (ASX:AGL) share price chart

QBE (ASX:QBE)

After Adacel, the insurance giant was the second best performer in morning trade.

QBE made a half yearly after tax profit of $441 million, a turnaround from the $712 million loss it made in the prior corresponding period.

The company credited the turnaround in underwriting and investment returns.