Reporting Season Round Up: Bubs, Propel and Spacetalk gain but BOQ falls
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The dairy and baby foods company enjoyed a solid September quarter.
Its revenue came in at $18.5 million – up 45% from last quarter – and it recorded strong sales growth in many of its product categories.
In spite of diplomatic and trade tensions, the growth was felt in China with demand in the daigou channel up 6.5 times more than the prior year and up 265% quarter on quarter.
Nonetheless, it also upped its international revenue excluding China as well – by nearly five times over the same time last year.
Bubs shares rallied by over 15% today although they remain well off their pre-COVID highs.
Bank of Queensland (ASX:BOQ)
Shares in Bank of Queensland (BOQ) dropped by over 3% despite bouncing back from a CVID-19 impacted FY20.
It unveiled a $369 million profit, up 221% from FY20 which it credited to the strong momentum in market conditions, particularly the boom in the housing market driven by record low interest rates.
BOQ said nonetheless uncertainty would remain for the next year but was cautiously optimistic that Australia was well placed for economic recovery.
After avoiding a hefty decline in March 2020, the firm struggled through the coming months due to the lack of deaths from COVID-19 or the flu – at least anywhere near what it and its investors expected.
But in the September quarter, Propel grew its revenues by 13% and performed a record number of funerals. While attendances in some markets were restricted, the company’s Average Revenue Per Funeral held the line.
Managing director Albin Kurti nonetheless expressed hope that travel restrictions, funeral attendee limits would soon be behind the company.
The smart watch seller grew its total revenues, gross profit margin and degice sales by 50% or greater compared to the prior corresponding period.
The company performed particularly well in the UK, growing its device revenue by 476% and it also increased its sales from app subscription fees.
Spacetalk has also been expanding into Scandinavia and hopes to enter North America this calendar year.
Property investment group Centuria meanwhile gave a company update.
It’s assets under management rose to $18.1 billion, a figure that has grown by $1.6 billion in FY22 to date across all of its asset classes.