Reporting Season Round Up: Work-from-home push amid COVID-19 helps deliver 81% profit growth for Adairs
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Adairs (ASX:ADH) is the latest homewares retail to open its books and reveal just how big FY21 was, marked by an unexpected surge in home renovations and furniture buying.
The homewares retail was able to shake off various store closures throughout FY21 to deliver record results for sales and profitability.
Its gross sales were up 28.5% to $499.8 million and its profit grew 81% to $63.7 million.
Adairs closed with $26 million in net cash and expects its new distribution centre to be operational by the end of September. It has also begun FY22 on a positive note with like for like sales gaining 5.2% on FY21, and 50.5% in FY20 although New South Wales stores lagged.
Shares are up 145% in the past couple of years.
The poultry company also made a net profit after tax of $83.3 million, up 108% from the year before.
This was despite the group’s core poultry volume only growing 4.2%.
“Operationally, we are in a strong position and our optimisation strategy has made a positive contribution to the results we have delivered,” CEO Andrew Reeves said.
Today’s share price gain meant it finally surpassed two-year highs since its FY19 results which resulted in sharp share price fall.
Cochlear achieved sales revenue of $1.493bn which, while only 10% higher than FY20, was a company record.
It made a a statutory net profit of $327 million and paid a final dividend of $1.40 per share, taking FY21’s total to $2.55.
Many companies like Cochlear suffered amidst COVID-19 with restrictions on elective surgery, yet the company noted enough of its markets recovered to contribute to the positive result.
With a $555 million market capitalisation this bank, headquartered in Tasmania, is a minnow compared to the Big 4 but still recorded a solid result.
Its net profit after tax rose 20.9% to $36.3 million and customer deposits grew 13.2% to $4.5 billion.
The company’s CEO Melos Sulicich said it wasn’t an easy time for his company with low interest rates, increases in regulation and the introduction of open banking.
“The key to succeeding in this environment is ensuring you are a trusted brand, being customer-centric and agile enough to service changing customer needs, being digitally enabled to scale appropriately, having simple products and simple east processes and having a strong balance sheet to manage it all,” he said.
Sydney Airport released its results having twice rejecting takeover offers in the past few weeks on the basis there was more value to be made.
With international travel dried up and domestic travel repeatedly interrupted, FY21 was a tough one with revenue falling 33.2% to $341.6 million, international passenger numbers down 91% and total passengers down 36.4%.
The company is hinging its hopes on the vaccine rollout.
“As border restrictions are eased, international and domestic travel will be back and Sydney Airport will be ready to go,” said CEO Geoff Culbert.
After a $21 million loss in FY20, driven by commercial property devaluations, it made a $1.1 billion profit this year.