They did well with the buyback. I thought their price might have been higher.
"The on-market share buyback scheme reduced issued shares by 4 million (4.5%) at an average price of $2.32."
They did well with the buyback. I thought their price might have been higher.
"The on-market share buyback scheme reduced issued shares by 4 million (4.5%) at an average price of $2.32."
Jeez - this must be a new record for excessive use of the word "underlying" (as in "underlying profit", "underlying revenue" and similar) in a financial report. Outstanding example of accounting acrobatics plus fog and mist to conceal the real result: Revenue basically unchanged compared to last year (despite all these new and apparently so exciting venues) and EPS is nearly 20% down.
They report as well on a "soft" second hand car market. Surprise - surprise. Managing as well indications re dividends .... times of ever increasing dividends seem to be over - and no indications that the market is likely to improve anytime soon.
Some more herbal tea this morning mate ? Just a really ordinary company like I have been saying for a very long time now.
The thing that should worry shareholders is half year normalised profit is $14.8m but full year forecast is $28-30m, mid point is obviously $29m so they're suggesting that in the second half they'll only do $29m - 14.8m = $14.2m.
What on earth is the point of all these "supposed" fancy new retail sites they're starting up ? High lease costs hurting them just like any other average retail operation ?
Only reason to own it that I can see is the yield. 17 / 254 = 6.69% fully imputed = 9.3% gross. That's fine but there are other retailers like HLG with a better yield of 10% gross who really are growing.
Herbal tea needed while I digest what a ‘gunna going to be ‘ and ‘if only’ company is actually like.
They said - Oxford process concluded, significant interest above book value, but in the Board’s view, the offers did not fully reflect the intrinsic value of the business
Wonder if the significant is 1) heaps of interested buyers or 2) interest at significantly above book value
Hope they weren’t too greedy