It was another busy day of results releases with the likes of Star Entertainment Group Ltd (ASX:SGR) delivering a strong profit result and Costa Group Holdings Ltd (ASX: CGC) providing weaker than expected guidance.
Three results you might have missed are summarised below:
The MYOB Group Ltd (ASX: MYO) share price tumbled a touch over 2% lower on Friday to $3.05 after the accounting software company revealed a first-half net profit after tax of $25.3 million on revenue of $218.5 million. While MYOB's revenue rose 7% on the prior corresponding period, net profit after tax was down 10%. However, the company reported an impressive 61% in online subscribers to 492,000 and management remains confident that it will hit 1 million by 2020.
The Sims Metal Management Ltd (ASX: SGM) share price dropped almost 7% to $13.76 despite the scrap metal company posting a strong full year result. Sims posted an underlying net profit after tax of $192.1 million in FY 2018, up 60% on the prior corresponding period. Investors may have been spooked by management's outlook for FY 2019 which included a warning about the potential negative impact of global trade wars.
The Tassal Group Limited (ASX: TGR) share price rose 3.5% to $4.54 after it announced its full year results and the acquisition of Fortune Group's prawn aquaculture business for $30.3 million. In FY 2018 the salmon and seafood producer delivered a 13.1% increase in revenue to $509.5 million and a 19.2% increase in operational net profit after tax to $51.3 million. Management appeared to be pleased with the result and its prospects in FY 2019. It stated that: "This result, and the growth in live salmon biomass which was up 1,200 tonnes, puts Tassal in the best position it's ever been in to deliver attractive long-term growth for our customers and shareholders." This should be supported by today's acquisition which is expected to be highly accretive to earnings. Tassal could be one to watch in FY 2019.
