Reporting Season Round Up: WiseTech leads the charge on the ASX this morning
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ASX tech investors created an acronym equivalent to America’s “FAANG” stocks – “WAAAX” which included WiseTech and Afterpay, along with Altium (ASX:ALU), Appen (ASX:APX) and Xero (ASX:XRO).
After reaching an all time high in September 2019, the stock fell by approximately two thirds – triggered by a short seller report and exacerbated by the COVID-19 market crash – and recovered far slower than Afterpay.
The global logistics software maker, grew its revenues 18% to $507.5 million and its profit after tax by 101% to $105.8 million.
CEO Richard White said his company was set to benefit from the current industry conditions and changes.
“We have continued to see a ‘goods-led’ recovery in global trade resulting in tighter capacity, congestion and higher rates in global logistics channels,” he said.
“We are seeing consolidation within the sector and increased investment in replacing legacy systems with integrated global technology such as CargoWise, that drives productivity and facilitates planning, visualisation and control of global operations.”
Just over 3 weeks since its tie up with Square, Afterpay unveiled its annual results which were roughly in line with guidance it gave 3 weeks ago.
The BNPL company nearly doubled its underlying sales from $11.1 billion to $21.1 billion althoiugh its earnings (excluding significant items) fell 13% from $44.4 million to $38.7 million.
The results also showed North America was becoming an increasingly important market for the business, with $400 million more in underlying sales and nearly 3 times the number of active customers – at 10.5 million compared to 3 million.
It was a busy year for this company with the launch of its Stan Sport streaming service, relocation of its Sydney headquarters and sealing content deals with Google and Facebook under Australia’s new media bargaining laws.
Nine improved its revenue by 8% to $2.3 billion and net profit by 76% to $278 million.
It updated shareholders on the start to FY22 noting it was mostly positive momentum across the board although its Domain classifieds is facing some interruptions from the Sydney and Melbourne lockdowns.
Australia’s largest private health insurer recorded growth in policyholders at levels not seen in a decade, with 82,500 people signing up.
Despite paying $5.6 billion in claims, it made a profit of $441.2 million.
“More people continue to prioritise their health and wellbeing and see greater value in private health, given the uncertainty around COVID and heightened pressure on the public system,” declared CEO David Koczkar.
“This result is a clear demonstration that focusing on our customers’ needs and being disciplined in how we run our business delivers strong results.”
This company only listed in December last year but managed to beat its prospectus forecasts.
Silk Lasers recorded $85.1 million in network cash sales – up 68% – and a profit of $5.2 million on a statutory basis – up 123%.
The company opened 11 new clinics and saw a 28% bounce in average customer spend to $605. It also said FY22 has begun strongly despite COVID-19 lockdowns, and it hopes to open at 4-8 new clinics in Australia and New Zealand in the months ahead.
The conveyancing platform only listed on the ASX six weeks ago and was one of the largest listings in recent years, with a market capitalisation of $3.3 billion.
It’s revenue was $221 million, up 42% on FY20 and 1% ahead of prospectus forecasts.
Although it made a loss after tax of $11.7 million in FY21, it expects this to improve in FY22, with plans to be $19.6 million in the black on a pro forma basis (although $2.5 million in the red on a statutory basis).
The transport company has managed to shrug off international border closures with the boom in domestic tourism as well as public transport services such as Brisbane’s ferry network.
It lost $13.6 million last year, but this year made a profit of $37.8 million.
Sealink also promised exciting times were ahead with its acquisition of the Go West Tours business in WA being singled out as an exciting opportunity awaiting the company.