new zealand News | The Market Online The Market Online – First with the news that moves markets. Breaking Australian stock market news, ASX 200 announcements and the latest ASX news today. Thu, 22 May 2025 23:20:20 +0000 en-US hourly 1 https://wordpress.org/?v=6.1.1 AFT Pharma sets new $300M target after reaching $200M revenue for FY25 https://themarketonline.com.au/aft-pharma-sets-new-300m-target-after-reaching-200m-revenue-for-fy25-2025-05-22/ Wed, 21 May 2025 23:33:00 +0000 https://themarketonline.com.au/?p=754836 AFT Pharmaceuticals Ltd (ASX:AFP) has gone well beyond its financial targets for the 2025 fiscal year, achieving revenue past the $200 million mark, and now the company’s looking towards reaching $300M in the next two years.

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The company unveiled its financial report for the year ending March 31, telling investors its full-year operating revenue had risen 6% to $208M. This was underpinned by an 11% rise in product sales and royalties across all territories, along with $0.7 million worth of income from licensing.

Group revenue was boosted by sales growth in the Australian and New Zealand markets, up 17% and 10% respectively. In Australia, this increase was offset by the one-off factors of destocking and interruptions to demand for Maxigesic IV.

In Oz, the operating profit was also in good shape, with an increase of 65%.

With this variable considered in the medium term, AFT has now set the goal of reaching $300M in revenue by the end of the 2027 fiscal year.

Earnings for the year were in a slightly weaker position, with EBITDA (earnings before interest, taxes, depreciation and amortization) falling 20% to $20.9M while operating profit fell 27% to $17.6 million – in line with guidance released at the half year – and net profit after tax was down 23% to $12M.

AFT co-founder and managing director Dr Hartley Atkinson said the company had already achieved multiple goals during the 2025 fiscal year.

“Aside from continued strong growth in our core Australasian businesses, we have significantly advanced strategy to extend our reach across multiple geographies and added to our research and development pipeline,” AFT’s boss explained.

Highlights included launching Maxigesic tablets in the U.S., the launch of a proprietary antiseptic cream in mainland China, and the completion of multiple licensing agreements around the world, including Maxigesic IV in China and Brazil, Mr Atkinson flagged.

“These efforts have come at the cost of short-term earnings growth, but we are convinced they will deliver growth in long-term shareholder value.”

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Mr Atkinson added: “In a credit to our out-licensing activities, we were identified as the only company in the world last year to secure two licensing agreements into China, the world’s second largest pharma market.”

AFP shares have been trading at $2.55.

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Uvre dives into gold with ‘transformational’ acquisition in New Zealand https://themarketonline.com.au/uvre-dives-into-gold-with-transformational-acquisition-in-new-zealand-2025-05-19/ Mon, 19 May 2025 03:16:44 +0000 https://themarketonline.com.au/?p=754460 Critical minerals explorer Uvre Ltd (ASX:UVA) is set to take a deep dive into precious metals, acquiring a portfolio of highly prospective gold projects in New Zealand and welcoming 2 noted mining entrepreneurs to its board.

The company has signed a binding agreement which will see it take on all shares in Minerals Exploration Ltd (MEL), whose subsidiary – Otagold Ltd – controls a suite of projects comprised of 3 exploration permits stretching across 332 square kilometres.

Chief among these assets is the Waitekauri gold project, located 8km west of OceanaGold Corporation’s 10-million-ounce Waihi gold mine (10Moz) in the country’s NorthIsland.

This location is enticing in other ways, with 3 additional gold deposits hosting more than 1 million ounces being adjacent to Waitekauri. Adding to this, multiple drilling targets have already been identified at the project, where gold and silver were previously mined at 48 grams per tonne.

Before the acquisition of MEL can be completed, due diligence will need to be completed on this company, Otagold and the latter’s permits, in addition to the contingency of Uvre raising at least $4 million through a single tranche share placement.

This placement – to be managed by Bell Potter Securities – will price shares at 8 cents each, and be subject to shareholder approval. Following a well-supported bookbuild, firm commitments have been received for this equity raise.

Included in the latter are contributions from incoming directors Norman Seckold($500,000) and Peter Nightingale ($100,000), which will also be subject to shareholder approval.

Mr Seckold and Mr Nightingale are major shareholders in MEL, and will join Uvre as non-executive directors.

Uvre shares rose following the announcement, and at 13:07 AEST, they were trading at 10 cents – a rise of 6.38% since the market opened.

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Domino’s Australia New Zealand chief to step down after 37 years https://themarketonline.com.au/dominos-australia-new-zealand-chief-to-step-down-after-37-years-2025-05-19/ Sun, 18 May 2025 23:36:36 +0000 https://themarketonline.com.au/?p=754361 Domino’s Pizza Enterprises Ltd (ASX:DMP) has told investors that head of its Australia New Zealand business, Kerri Heyman, will be stepping down later this year after 3 decades at the company.

Ms Heyman will leave her position as chief executive officer of the division in August, after 37 years with Domino’s, in roles which covered Australia, the United Kingdom and the United States.

She said the decision represented an important move for herself and the pizza giant.

“Working with Domino’s has given me some of the most rewarding experiences of my life — both professionally and personally — and I’ve developed lifelong friendships with passionate pizza people around the world,” he said.

“Since returning to Australia in 2023, I’ve been proud of the work we’ve done to strengthenoperations — from improving product quality and growing new occasions like lunch, todelivering stronger sales and profits for our franchise partners.

“Domino’s is now entering a new chapter, with a clear ‘Recipe for Growth’ in place forAustralia and New Zealand. With the business well positioned for the future, I feel confidentthis is the right time for me to open a new chapter of my own.”

Former franchise partner Greg Steenson has been appointed to the role of chief operating officer, Australia, effective immediately.

Domino’s has been trading at $25.20 per share.

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Fletcher folds Australia division as part of strategic review https://themarketonline.com.au/fletcher-folds-australia-division-as-part-of-strategic-review-2025-05-16/ Fri, 16 May 2025 00:06:18 +0000 https://themarketonline.com.au/?p=754224 Fletcher Building Ltd (ASX:FBU) intends to disestablish its Australia division as a standalone, as part of a wider suite of structural changes brought on by an ongoing strategic review.

Businesses which formerly fell under the ‘Australia’ umbrella will now be integrated into 2 new trans-Tasman divisions: light building products – in which Oliveri Australia, Iplex Australia, Laminex Australia and Fletcher Insulation will join Fletcher Buildings New Zealand products business – and heavy building materials – which will bring together Fletcher’s concrete-related businesses with Australia’s Stramit and the New Zealand steel businesses.

Fletcher’s other 3 divisions – Distribution, Construction and Residential and Development – will remain unchanged.

Former Chief executive of the Concrete Division, Thornton Williams, will lead the Heavy Building Materials division, while former chief executive of New Zealand Building Products – Hamish McBeath – will head up the new Light Building Products division.

And the restructuring has resulted in another executive shift: with former chief executive of the Australia division, Gareth O’Reilly, set to leave Fletcher.

Alongside these changes, Fletcher is aiming to bank approximately $15 million worth of savings in the short term through a further review of the company’s corporate structure. This will add to the approximately $200M of cost out targeted for the 2025 fiscal year.

Managing director Andrew Reding said these changes would drive improvements and growth at the company.

“Fletcher Building is strategically positioned in the growing markets of Australia and New Zealand, where our businesses target leadership in segments with attractive long-term fundamentals,” he said.

“Our operating companies are deeply embedded in their local markets, giving them strong insight into customer needs, agility in decision-making, and the ability to respond quickly tochanging market dynamics.

“We want to leverage these strengths, evolving Fletcher Building into a more decentralised, high-performing portfolio company.”

Fletcher shares have been trading at $3.13.

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Stealth snaffles exclusive distribution rights for top tool products https://themarketonline.com.au/stealth-snaffles-exclusive-distribution-rights-for-top-tool-products-2025-02-27/ Thu, 27 Feb 2025 05:53:38 +0000 https://themarketonline.com.au/?p=743135 Stealth Group Holdings Ltd (ASX:SGI) has seen its share price rise more than 15% after securing exclusive distribution rights for CAT Power Tools, Wesco Power Tools and Harden Tools in Australia and New Zealand.

The agreements – secured through global tool manufacturer Positec – provide Stealth with exclusive selling rights across all market channels for 5 years in the case of Wesco and Harden Hand Tools, alongside a 3-year term for CAT Power Tools.

This will be done through Stealth’s multiple retail channels, which include company owned stores, reseller stores in trade and retail – including network licensee member stores, B2B sales contact centres and field sales representatives, and online sales channels.

Managing director and CEO Mike Arnold said the agreement marked a ‘game-changing’ milestone for Stealth, particularly within the framework of its FY28 growth plan.

“Securing the exclusive distribution rights for these leading brands highlights our commitment to delivering high-quality products, greater value, and enhanced experiences to our customers, while strengthening our market position and accelerating our FY28 growth ambitions,” he said.

“Annual contract purchasing commitments are set to increase year-on-year as we penetrate markets and channels.

“By the FY28 period, commitments across the three contracts, extrapolated into wholesale-level sales guidance based on projected sell-through, are expected to exceed $30 million, with strong margin contributions above 40%, excluding additional margins from company-owned retail stores.”

The company’s revenue target – according to the FY28 plan – is $300 million.

At 16:40 AEDT, shares in Stealth were trading at 73 cents – a rise of 15.87% since the market opened.

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Santana ready for Fast-Track Act application after 21.7g/t gold find from Rise and Shine drilling https://themarketonline.com.au/santana-ready-for-fast-track-act-application-after-21-7g-t-gold-find-from-rise-and-shine-drilling-2025-01-08/ Wed, 08 Jan 2025 02:46:19 +0000 https://themarketonline.com.au/?p=733406 Santana Minerals (ASX:SMI) has found gold grading up to 21.7 grams per tonne (g/t) at its Rise and Shine (RAS) deposit – part of the wider Bendigo-Ophir gold project in New Zealand – as the company progresses through a detailed design phase.

Resource infill (diamond) drilling is continuing on the eastern and southern fringes of the main ore shoot – as Santana seeks to refine its mine design and clarify the extent of the western steep mineralisation.

The most recent drill program involved 17 holes, with the first 10 showing assays such as 16.4 metres at 5.7g/t of gold from 167.6 metres, including 7m at 21.7g/t from 194m.

The program was looking to better define the transition from pervasive veins and breccias to peripheral mineralisation on the southern and eastern edges of the high-grade shoot.

Santana CEO Damian Spring said the high grades evident in this program pointed in a positive direction for the development of Bendigo-Ophir.

“The results continue to impress, with drill hole MDD379 returning 16.4m @ 5.7g/t Au from 167.6m and continuing on to an even better intercept of 7.0m @ 21.7g/t Au from194.0m,” he said.

“This campaign was focused on firming up the eastern margin of the RAS orebody to enableprecise placement of the pit wall. This has the potential to reduce waste stripping on the eastern wall, thereby lowering pre-production capital costs.

“Detailed design work is well-advanced to ensure we are ready for our upcoming application under the Fast-track Approvals Act, which was passed into law last month.”

Santana shares have been higher after the news, and at 1.30pm AEDT, they were trading at 47 cents – a rise of 3.3% since the market opened.

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The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

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PainChek rolls out $5.1M capital raising to grow app footprint across multiple markets https://themarketonline.com.au/painchek-rolls-out-5-1m-capital-raising-to-grow-app-footprint-across-multiple-markets-2024-12-16/ Mon, 16 Dec 2024 03:37:29 +0000 https://themarketonline.com.au/?p=730774 PainChek Ltd (ASX:PCK) has raised $5.1 million through a capital raising initiative aiming to boost the market footprint of its adult pain assessment and monitoring application, in addition to ensuring completion of activities to enable the launch of a similar app for infants.

The raising was completed as an Entitlement Offer, with eligible shareholders offered one new fully paid ordinary share for every eight shares held, at an issue price of 2.5 cents, together with one free attaching new option (with an exercise point of five cents) for every new share issued.

Existing shareholders took up 83,786,106 new shares and 83,786,106 new options, with these to be allotted on December 19 and commence trading a day later.

The funds raised will be plugged into the promotion of PainChek’s Adult App and the development of an Infant App. The former will include expansion into aged care and home sectors in the U.K. and Australia-New Zealand markets, and recruitment and set-up activities to enable the Adult App to enter the North American market, once it is cleared by the FDA (U.S. Food and Drug Administration).

In preparation for Infant App’s commercial launch, PainCheck is also completing an Infant Access Program and recruiting key staff for the launch.

Managing director Philip Daffas said the Entitlement Offer was an important step to enable the promotion of the smart-based pain assessment and monitoring applications.

“On behalf of the directors we thank all our existing and new shareholders who participated in the entitlement offer for their continued support,” he said.

“The funds received will enable us to commence USA market entry, commercialisation of Infant App and expansion in existing markets and planned international growth.”

PainChek last traded at 2.7 cents – a rise of 3.85% since market open.

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Revenue strength boosts Xero’s 51% EBITDA rise in half year FY 2025 https://themarketonline.com.au/revenue-strength-boosts-xeros-51-ebitda-rise-in-half-year-fy-2025-2024-11-14/ Wed, 13 Nov 2024 22:39:52 +0000 https://themarketonline.com.au/?p=725057 Xero Ltd (ASX:XRO) said its earnings before interest, tax, depreciation and amortisation (EBITDA) for the half of the 2025 fiscal year had jumped 51% (to $311.7 million) compared to the prior corresponding period.

The Wellinton-based company – which provides accounting software – also said earnings growth had been supported by a 25% rise in operating revenue (to $996 million), and an operating expense to revenue ratio of 71.2% for the period.

Xero’s free cash flow was also higher, rising to $208.7 million, alongside a free cash flow margin of 21.0% – improving from 13.3% in the prior period.

These figures meant the company maintained its greater than Rule of 40 outcome of 43.9%.

CEO Sukhinder Singh Cassidy said the results reflected Xero’s success in achieving strategic goals.

“We have delivered a solid performance across the board this half including continued strong revenue growth, and a greater than Rule of 40 outcome for the second period running,” he said.

“We’re executing our strategy with focus and purpose, through disciplined investment aligned to our strategic priorities.

“This has supported an improvement in product velocity for customers in line withour Win the 3×3 strategic priority to build winning solutions for the three most critical small business jobs in our three largest markets.”

Xero has been trading at $161.55.

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Burgeoning NZ insurance claims drive 1H25 operating loss for nib https://themarketonline.com.au/burgeoning-nz-insurance-claims-drive-1h25-operating-loss-for-nib-2024-11-12/ Tue, 12 Nov 2024 01:07:45 +0000 https://themarketonline.com.au/?p=724767 Health and medical insurance provider nib Holdings Ltd (ASX:NHF) is anticipating an operating loss of $10 million in the first half of 2025, as a significant number of claims from New Zealand bite into the company’s group commercial performance.

The insurer posted guidance of between $235 million and $250 million in underlying operating profit (UOP) for the 2025 fiscal year, with CEO and managing director Mark Fitzgibbon noting that while the Australian sector of its business was still booming, ‘claim inflation’ in New Zealand was weighing heavily overall.

“As reported at last week’s annual general meeting, our flagship Australian resident’s health insurance business (arhi) is growing strongly, with net policyholder growth for the first four months of this year up over 52% on the prior corresponding period,” he said.

“Currently our annualised growth rate of 3.2% is likely well ahead of average system growth.

“We expect our net margin for the full financial year will be in the order of 6.0% – 7.0%, aligned with our target range.

“However, extraordinary growth in New Zealand claims experience is weighing heavily on this year’s Group commercial performance, with an expected operating loss in 1H25 of about AUD$10.0 million.”

Mr Fitzgibbon added that he expected the situation to improve in the second half of 2025, and that higher pricing, operating cost savings and claims inflation would moderate, allowing for full-year profitability, although this would be softer compared to FY24.

nib shares fell after the news, and at 11:59 AEDT, they were trading at $5.99 – a fall of 0.08% since the market opened.

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Auckland airport launches second round of equity raising, with $200M retail offer https://themarketonline.com.au/auckland-airport-launches-second-round-of-equity-raising-with-200m-retail-offer-2024-09-19/ Wed, 18 Sep 2024 22:52:53 +0000 https://themarketonline.com.au/?p=715632 Auckland International Airport Ltd (ASX:AIA) has launched a non-underwritten retail offer to the tune of $200 million as part of an equity raising campaign announced earlier this week – which itself had begun with a $1.2 billion placement of new shares to new and existing investors in New Zealand, Australia and elsewhere.

The placement – which priced shares at $6.95 each – was announced as having been successful the very next day, given strong support.

According to the retail offer, eligible investors will be able to apply for up to NZ$150,000/A$45,000 worth of AIA shares, with the closing date set at October 4.

Chair of AIA Dr Patrick Strange said the planned equity raising would provide the airport with a strong funding basis going forward.

“The Retail Offer is part of Auckland Airport’s equity raising initiative announced on 16 September 2024, the first component of which was a placement of Shares to institutional shareholders and investors (Placement) that closed on 17 September 2024 and successfully raised NZ$1,200 million at a price of NZ$6.95 per Share,” he said.

“Auckland Airport is seeking to raise up to NZ$200 million under the Retail Offer, with the ability to accept oversubscriptions at its sole discretion.

“The proceeds of the equity raise will initially reduce net debt, repay the NZ$150 million October 2024 bond maturity, as well as a further NZ$100 million of unhedged drawn facilities, and provide flexibility to fund Auckland Airport’s planned capital investment programme over PSE4 and PSE5 whilst maintaining its A- S&P credit rating and dividend policy.”

AIA has been trading at $6.78

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Manawa acquisition set to boost Contact’s renewable energy credentials https://themarketonline.com.au/manawa-acquisition-set-to-boost-contacts-renewable-energy-credentials-2024-09-11/ Tue, 10 Sep 2024 22:34:46 +0000 https://themarketonline.com.au/?p=714746 Contact Energy Ltd (ASX:CEN) is boosting its footprint in the renewable energy space by entering into an agreement to buy out New Zealand-listed Manawa Energy Ltd.

Contact has entered into a court-approved Scheme Implementation Agreement (SIA) to acquire 100% of Manawa, which is one of the country’s largest renewable energy generators.

The latter company will be an important addition to Contact as it seeks to diversify its portfolio. Manawa owns and operates 25 hydro schemes around New Zealand, hasaround 500 megawatts (MW) of generation capacity – which is winter-weighted – as well as over 1,200MW of geographically diversified, secured development options in wind and solar.

The agreement is backed by major Manawa shareholders Infratil and TECT Holdings, who hold or control between them 77.9% of Manawa shares, and have said they will vote n favour of the Scheme subject to certain conditions.

As part of the agreement, eligible Manawa shareholders will receive 0.5719 shares in Contact for each Manawa share (this being equivalent to $4.79 per Manawa share), plus cash consideration of $1.16 per Manawa share.

They will then take on around 18.5% of Contact shares once the scheme is completed.

Final approval will come from the New Zealand Commerce Commission (NZCC), with this to be implemented in the first half of 2025.

Contact chief executive Mike Fuge said the acquisition was an important step.

“This acquisition will make Contact Energy a stronger, more resilient electricity company forNew Zealand with a more diversified generation portfolio across the North and SouthIslands,” he said.

“Our hydro assets are complementary, with different seasonal generation profiles, which willhelp Contact to better manage dry year risk and to sell larger volumes of fixed priceelectricity into the market than we could independently.”

Investors appeared pleased with the news, and by 12:47 AEST, Contact shares were trading at $7.57 cents – a rise of 0.13% since the market opened.

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Restaurant Brands posts record sales in half year report for FY24 https://themarketonline.com.au/restaurant-brands-posts-record-sales-in-half-year-report-for-fy24-2024-09-03/ Mon, 02 Sep 2024 22:37:39 +0000 https://themarketonline.com.au/?p=713871 Restaurant Brands New Zealand Ltd (ASX:RBD) – which runs KFC, Pizza Hut, Taco Bell and Carl’s Jr. brands in New Zealand, as well as the KFC and Taco Bell brands in Australia – says it has achieved record sales during the half year to June 2024, which flowed through to earnings and profit.

In its half year figures for the 2024 fiscal year, sales had increased 7% to $687.2 million (from $640.2 million the previous year). This then flowed on to store EBITDA, which was up 21% to $94.6 million, and net profit, which rose by a whopping 473% to $12.6 million (from $2.2 million).

RBD said the increase in sales had been largely based on changes to products and menus across the major brands, as well as digital channels, greater focus on marketing and considered pricing of items.

While sales in New Zealand and Hawaii remained strong, performances in other regions in which it operates – including Australia and California – were lagging, with this being put down to ‘consumer pressures’.

In its report to the market, RBD added that ‘While inflationary pressures and staff shortages have eased, consumer spending remains under pressure across all regions, in particular in Australia and California’.

RBD has been trading at $3.21.

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Reporting wrap: Capitol Health, Genesis Energy, SkyCity Entertainment, Medibank https://themarketonline.com.au/reporting-wrap-capitol-health-genesis-energy-skycity-entertainment-2024-08-22/ Wed, 21 Aug 2024 23:01:14 +0000 https://themarketonline.com.au/?p=711112 Diagnostic imaging provider Capitol Health (ASX:CAJ) was one of several companies continuing to steam through the reporting season in Australia.

Capitol told investors that its underlying NPAT (net profit after tax) for the 2024 fiscal year had increased by a quarter of a percent (25%) to $11 million compared to the previous year, while revenue had also grown for the same period, by 12% to $238 million.

In a year when Capitol had announced a proposed merger with Integral Diagnostics Limited (ASX:IDX) and opened new MRI comprehensive clinic at Sunshine Private Hospital in Victoria, the company said its final dividend for FY2024 would be declared in line with merger ratio (with this being 0.12849 of the FY2024 final dividend of IDX).

Meanwhile, Genesis Energy Ltd (ASX:GNE) posted a significant fall in profit during the 12-month period to June 2024.

In its full statutory accounts, Genesis said its net profit was down 33% to $131.1 million compared to $195.8 million in the previous fiscal year.

This was also reflected in the company’s EBITDAF (earnings before interest, tax, depreciation, amortisation, fair value movements of financial instruments, investment costs, realisations and impairments), which came in at $407.2 million in FY2024, a fall of 22% from the figure of $523.5 million in FY2023.

Genesis said its ‘strategy was on track despite a challenging year’ impacted by constraints in gas supply, low hydro and wind levels, and a 7-month outage at Huntly Unit 5.

Its total dividends per share for FY2024 were 14 cps, compared to 17.6 cps in FY2023, a fall of 21%.

An annual report was also out from casino operator SkyCity Entertainment Group Ltd (ASX:SKC), who said that underlying group NPAT had fallen 7.2% TO NZ$123.2 million, reflecting lower earnings.

EBITDA was also down 8% to NZ$277.8 million, and CEO Jason Walbridge said the weaker figures overall were underpinned by cost-of-living pressures, a softer economy, and SkyCity’s requirement to respond to certain regulatory issues.

SkyCity previously announced that it would be closing gambling operations at its Auckland site for five days next month, and this was set to cost the company NZ$5 million in expected earnings for FY2025.

The decision was made as part of an agreement between management and the Secretary of Internal Affairs in order to avoid the temporary suspension of the company’s casino operator’s licence.

Underlying earnings per share were 16.2 cps for FY2024, a fall of 7.3% year on year.

Medibank Private Ltd (ASX:MPL) reported a strong suite of results today, with underlying NPAT coming in at $570.4 million for the 2024 fiscal year: a rise of 14.1% from the previous reporting period.

CEO David Koczkar said the priority for Medibank had been on keeping premiums low and providing support for customers, as reflected in a $305 million COVID give back, which brought total customer support to a record $1.46 billion during the period.

The company’s final ordinary dividend (fully franked) was 9.4 cps.

At 12:11 AEST, Medibank shares were down 1.5% at $3.88, SkyCity shares were down 2.41% at $1.42, shares in Genesis Energy had risen 0.48% to $2.08, and Capitol Health shares were 4.24% higher at 31 cents.

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Gold intercept of 8.6 g/t continues the positive storyline for Santana at NZ’s RAS deposit https://themarketonline.com.au/gold-intercept-of-8-6-g-t-continues-the-positive-storyline-for-santana-at-nzs-ras-deposit-2024-08-19/ Mon, 19 Aug 2024 04:07:21 +0000 https://themarketonline.com.au/?p=710541 Santana Minerals Ltd (ASX:SMI) has yielded one of the best results to date from its Rise and Shine (RAS) deposit, with an intercept of 41.6 metres at 8.6 grams per tonne of gold from 164.4 metres (with a true width of 38.8 metres).

The deposit is part of the wider Bendigo-Ophir project in New Zealand’s Central Otago region, with regional exploration in the Rise and Shine valley beginning in 2012, leading to the discovery of an intercept of 40.3 metres at 2.05 grams per tonne of gold in 2020 – this being the ‘RAS discovery hole’.

Santana has recently been carrying out infill drilling of the deposit’s high-grade core, and this has indicated that a consistent, rich, tabular core exists at RAS, in particular a ‘bonanza zone’ with a high proportion of gold metal.

CEO Damian Spring said the new intercept was indicative of a positive narrative for the RAS deposit, with Santana declaring earlier this year that it was ‘most significant single gold discovery in New Zealand in four decades’, with an updated mineral resource estimate of 2.2 million ounces of gold at 2.2 grams per tonne.

“With every hole we drill into RAS the outcomes just get better!” he said.

“We drilled this latest series of holes with intent to constrain the bonanza results within our high-grade core.

“They have shown it to be bigger and more continuous than we originally thought and this better-defined high-grade core will now form the foundation of our early production planning for the future mine.”

Santana shares were trading at $1.52 at 14:01 AEST, a rise of 14.1% since the market opened.

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Imricor raises $35M to pursue growth and expansion into Australia and NZ https://themarketonline.com.au/imricor-raises-35m-to-pursue-growth-and-expansion-into-australia-and-nz-2024-07-19/ Fri, 19 Jul 2024 02:45:29 +0000 https://themarketonline.com.au/?p=705488 Imricor Medical Systems Ltd (ASX:IMR) has banked $35 million through a two-tranche placement to further its expansion into Australia and New Zealand, commercialisation of products and a series of clinical trials, including one for the US Food and Drug Administration (FDA).

The company – which focuses on developing magnetic resonance imaging (MRI)-compatible medical devices, used to carry out real-time interventional Cardiac Magnetic Resonance Imaging (iCMR) cardiac ablation procedure- said the placement had been supported by new and existing securityholders.

The capital raising brought in approximately A$25.7 million via the issue of 49,514,682 New Securities in the first tranche; and around A$9.3 million via the issue of 17,793,243 New Securities in the second.

The company plans to put the cash towards a growth strategy with three focal points: the achievement of its FDA clinical trial, expanding treatment of complex cardiac arrhythmias like ventricular tachycardia (or VT) through a trial and commercialisation of its VISABL-VT product, and expansion into the antipodes.

Chair and CEO Steve Wedan said the successful capital raising came at the end of a year of achievements for the company, which focuses on developing magnetic resonance imaging (MRI)-compatible medical devices, used to carry out real-time interventional Cardiac Magnetic Resonance Imaging (iCMR) cardiac ablation procedures. 

“The work that took place at Imricor in 2023 allowed us to start 2024 with great momentum, and we have entered the current quarter on the cusp of several major milestones for the company,” he said.

“With the support of our existing and new investors, we can now realise these catalysts with a strong balance sheet.”

At 12:42 AEDT, Imricor was trading at 62 cents, a rise of 5.08% since the market opened.

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SkyCity to lose NZ$5M in 2025 over complaint closedown https://themarketonline.com.au/skycity-to-lose-nz5m-in-2025-over-complaint-closedown-2024-07-18/ Wed, 17 Jul 2024 22:47:56 +0000 https://themarketonline.com.au/?p=705227 SkyCity Entertainment Group Ltd (ASX:SKC) is set to lose NZ$5 million in expected earnings for 2025, due to a 5-day closedown of gambling operations at its Auckland casino as part of a settlement between the Secretary of Internal Affairs and SkyCity Casino Management Ltd (SCML) in order to avoid the temporary suspension of the company’s casino operator’s licence.

SkyCity announced that due to its planned shutdown, its EBITDA (earnings before interest, taxes, depreciation, and amortization) for 2025 had been revised down from a range of NZ$250 million and NZ$270 million, to NZ$245 million and NZ$265 million.

The decision to shut the gambling area of SkyCity Auckland represents the company’s response to an application made last September by the Secretary of Internal Affairs to temporarily suspend the licence, based on an allegation that SCML had not complied with requirements related to continuous play by a customer.

In addition to the closedown, SCML has acknowledged that it did not meet the requirement in the SkyCity Auckland Host Responsibility Programme (HRP), and has apologised to the Secretary, agreeing to closedown gambling at the casino for five consecutive days.

SkyCity CEO New Zealand Callum Mallett also apologised on behalf of the board and management team.

“SkyCity places great importance on host responsibility and takes these failures very seriously,” he said.

SkyCity has been trading at $1.37.

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Benevolent weather lifts profit guidance up $5M for Kiwi insurer Tower https://themarketonline.com.au/benevolent-weather-lifts-profit-guidance-up-5m-for-kiwi-insurer-tower-2024-06-11/ Tue, 11 Jun 2024 05:07:19 +0000 https://themarketonline.com.au/?p=700714 Positive trading conditions – including those influenced by better-than-expected weather – have prompted New Zealand-based insurance company Tower Ltd (ASX:TWR) to raise its guidance on underlying net profit after tax (underlying NPAT) for the year ending 30 September 2024 to $40 million.

This was a rise from a previous advised earnings guidance figure of $35 million.

Unseasonably good weather in New Zealand was one of the key factors in the upgrade: although the country experienced two storms in the month of May, they yielded relatively insignificant claims costs for Tower, falling short of the threshold for large events.

The company’s large events allowance for the 2024 financial year is set at a conservative $45 million, and Tower expects this to be fully utilised – with this assumption forming part of the upgraded guidance.

However, there have been no large events recorded in the financial year to date, and the underlying NPAT is set to increase in-line with the amount of the allowance which remains unused at the end of the year.

This means that NPAT could potentially rise by another $32 million (or $45 million less tax) if the company ends the year without a large event.

Tower has been trading at 78.7 cents.

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AFT Pharma reports record earnings, boosted sales and significant launches in US https://themarketonline.com.au/aft-pharma-reports-record-earnings-boosted-sales-and-significant-launches-in-us-2024-05-23/ Thu, 23 May 2024 00:24:33 +0000 https://themarketonline.com.au/?p=698475 New Zealand-based AFT Pharmaceuticals Ltd (ASX:AFP) has reported a rise of 46 percent in net profit for the twelve months ended March 31, in addition to significant rises in operating revenue, product sales and in particular sales in overseas markets, which rose by 70 percent.

AFT’s net profit after tax at the end of the period was $15.6 million, while EBITDA (earnings before interest, taxes, depreciation, and amortization) was sitting at a record $26.2 million, a rise of 22 percent for the period, and operating profit rose 23 percent to $24.2 million.

The company’s operating revenue rose by 25 percent to $195.4 million, with this being boosted by improved sales and royalties across the board, and licensing income of $8,5 million.

AFT’s net debt was also lower in the period, positioned at $16.2 million, a drop from $29.9 million at the end of the 2023 Financial Year.

The year was also one in which a number of goals were achieved on the business front, with pain relief medication Maxigesic®IV launched in the United States in February 2024, having achieved approval from the FDA, and the Chinese launch of antiseptic cream Crystaderm® later this year well advanced.

Chair David Flacks said

“Today’s announcement underscores the strengths of AFT’s approach to international expansion and sustainable growth,” he said.

“We’ve benefited from growing demand for our products in both our home markets and further afield, reaping the rewards of careful and consistent investment into research anddevelopment and the product pipeline.

“With the recent launch of the intravenous form of our Maxigesic® pain relief medicine in the US and the impending US launch of the line extension, the rapid dissolving tablet Maxigesic Rapid, our proprietary products are now positioned in a significant number of the world’s major healthcare markets.

“This achievement marks a significant milestone in our journey towards becoming atruly global pharmaceutical company and it is a major achievement for an Australasian company.”

AFT has been trading at $2.46 cents.

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Serko signs on to another five-year partnership with Booking.com https://themarketonline.com.au/new-zealand-based-travel-management-company-serko-signs-on-to-another-five-year-partnership-with-booking-com-2024-04-30/ Tue, 30 Apr 2024 00:22:15 +0000 https://themarketonline.com.au/?p=694763 New Zealand-based travel management company Serko Ltd (ASX & NZX: SKO) has renewed its partnership with Booking.com, signing a five-year contract which will see the continuation of their collaboration on the Booking.com for Business platform, which facilitates travel bookings for businesses and business travellers alike.

The two companies first began working together on Booking.com for Business in 2019, with Serko facilitating the use of its travel management software program Zeno – launched the previous year – for use by US giant Booking Holdings in the creation of Booking.com for Business, which went live in 2020.

Serko chief executive officer and co-founder Darrin Grafton said the renewal decision was a boost both for his company and also a reflection of the achievements made thus far by the partnership arrangement.

“This renewal is a significant milestone for Serko – providing a strong foundation for future global growth and scale,” he said.

“The progress made has directly driven material revenue growth for Serko under the partnership’s revenue sharing model.

“Together we have completed a substantial migration of existing users, seen registered companies exceed 600,000 and completed room nights increase 65 per cent in the past financial year.”

The renewal partnership includes a revised revenue share arrangement through which the revenue share will continue at the same ratio for current volumes, with a new tiered system for higher incremental volumes.

This new model has been introduced in order to allow for significant volume growth at the current commission levels.

Serko has been trading at $2.86c.

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Pacific Edge sees steady Cxbladder test results despite headwinds https://themarketonline.com.au/pacific-edge-sees-steady-cxbladder-test-results-despite-headwinds-2024-04-09/ Mon, 08 Apr 2024 23:38:09 +0000 https://themarketonline.com.au/?p=691415 Global cancer diagnostics company Pacific Edge Ltd (ASX: PEB, NZX: PEB) has posted steady growth in tests for its Cxbladder product, despite some corporate headwinds including a smaller sales force.

Cxbladder – a genomic biomarker test – aims to help clinicians detect and rule out bladder cancer among patients presenting with haematuria (blood in urine) and those being monitored for recurrent disease. This is done through testing of the urine itself.

The company – based in Dunedin, New Zealand – reported that tests processed at its laboratories in the three months to the end of March 2024 were steady on the previous quarter.

In the fourth quarter of 2024, volumes rose to 7,210 tests, a rise of 0.4 percent on the figure of 7,183 tests in the third quarter of 2024.

There was also some deviation according to location: with a bigger rise in US tests, which were reported at a volume of 6,099 in Q4 24 – up 1 percent from the 6,041 tests processed in the previous quarter.

In the Asia Pacific region however, volumes were posted at 1,111 tests, down 2.7 percent on the earlier quarter. This was said to be due to the traditional slowdown in New Zealand post the Christmas period.

The company was also bolstered by its invitation to present findings of its STRATA study on the clinical use of Cxbladder triage to the American Urological Association (AUA) annual conference in May.

In a letter to investors, CEO Dr Peter Meintjes reflected on the results, in addition to the uncertainty surrounding the question of whether Cxbladder would be covered under the US national health insurance program, Medicare

“Our navigation of the Medicare coverage uncertainty alongside our diligent work ethic in overcoming the typical challenges that fast-growing companies face, have demonstrated a resilience that justifies investor confidence in our prospects,” he said.

“We have been tested by a series of unpredictable events, but remain firmly focused on the actions that drive results.”

In June 2023, Medicare announced that coverage of the test on the US market would end the following month July, but it was later announced that a final decision on this had been delayed.

Pacific Edge is trading at 8c.

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