5 things you need to know today
Published on: Tuesday, March 21, 2017
- Adventure equipment retailer Kathmandu announced net profit after tax (NPAT) of NZ$10.0 million for the six months ended 31 January 2017. That’s an increase of NZ$0.6 million, or 6.4%, on the prior corresponding period (PCP). “We achieved strong same store sales growth in Australia which is our largest market, as we maintained rigorous cost control and continued to drive working capital efficiency,” said chief executive officer, Xavier Simonet. The Group’s total sales were up 0.2% on the PCP, and up 6% in Australia.
- Internet provider TPG Telecom reported record results for the half year ended 31 January, with NPAT at $224.0m – an increase of 11% on the prior corresponding period. Earnings before interest, tax, depreciation and amortisation (EBITA) increased 8% to $473.4m. Earnings per share also increased by 8% to 26.4 cents per share. The Board declared an increase to the interim dividend by 14% to 8 cents per share, fully franked.
- Downer EDI has announced a $1.26 billion takeover bid for Spotless Group. “Downer EDI Limited today announced that its wholly owned subsidiary, Downer EDI Services PTY LTD, will today lodge a Bidder’s Statement for a takeover offer for all of the issues shares in Spotless Group Limited that it does not already own for $1.15 cash per share,” said a statement to the ASX. The offer price represents a 59% premium to the last closing price of Spotless shares ($0.725) on 20 March. Shares in both companies are in a trading halt.
- According to The Australian, Malcolm Turnbull has struck a deal on changes to section 18c of the Racial Discrimination Act. The reforms are reportedly expected to involve removing references to ‘insult’ and ‘offend’ (to be replaced with the higher test of ‘harass’) but maintain the offences of ‘humiliate’ and ‘intimidate’ on the grounds of race.
- At 0720 AEDT on Tuesday, the share price futures index was down 10 points, or 0.17 per cent, at 5,755.
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