Reporting Season Round Up: Imdex and GWA lead the charge
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Of the nearly dozen companies releasing results today, mining tech company Imdex (ASX:IMD) came out on top.
Imdex, which provides drilling tech services is yet another company benefiting from the commodities boom.
Its revenue came in at $264.4 million, up 11.2% and its post-tax profit grew 45.5% to $31.7 million.
The company’s CEO Paul House said the results were outstanding, and credited the increasing percentage of revenue coming from its higher margin sensors and software businesses.
GWA is an importer of consumer bathroom and kitchen appliances.
Its net profit fell compared to last year but still came in at $35.1 million including significant items but its operating cashflow rose 16% to $103.1 million and revenue grew 1.8% to $405.7 million.
The company said that despite a challenging year, the results reflected its ability to benefit from improved residential construction activity in Australia.
IMD said its commercial order bank was 14% above 12 months ago, but warned FY22 could be slightly subdued thanks to COVID-19 lockdowns.
The company, which owns not only JB Hi-Fi but also the Good Guys, grew its sales by 12.6% to $8.9 billion and its profit by 67.4% to $506.1 million.
The company’s said the bottom lines of both its flagship brand and the Good Guys was heightened demand for home appliance and consumer electronics products.
It also gave a trading update for the first 6 weeks of FY22.
It reported its New Zealand business was up 8.4% compared to FY21 although its Australia business and the Good Guys were down 14.6% and 8.1% compared to the prior corresponding period.
Carsales reported more modest results but its shares still rose this morning. It’s net profit after tax rose 11% although this was the highest growth since 2014.
The company joined many of its peers in declining to give formal guidance in light of uncertainty around how the current lockdowns would impact FY22, but still said it was well positioned and expected growth.
“The accelerated digitisation in the automotive industry and changes in consumer behaviour are creating growth opportunities for carsales, which positions us well for FY22 and beyond,” said CEO Cameron McIntyre.
FY21 was a big year for Beach Energy with exploration successes at its Victorian Otway basin gas projects.
It recorded an underlying net profit after tax at $363 million and produced 25.6MMboe (million barrels of oil equivalent).
The company is expecting FY22 production to be between 21 and 23MMboe and while it did not provide a profit guidance it is predicting higher capital expenditure of $900 million and $1.1 billion, up from $671 million in FY21.