In afternoon trade the S&P/ASX 200 index has followed the lead of U.S. markets and pushed higher. At the time of writing the benchmark index is up 0.45% to 6,512.5 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are sinking lower:
The BINGO Industries Ltd (ASX: BIN) share price is down 7.5% to $2.21 after posting a 40% decline in full year profit. The waste management company's profits were hit by a total of $33.7 million in transaction and integration costs from its recent Dial-a-Dump Industries acquisition. On an underlying basis, Bingo reported a 22.2% increase in underlying NPATA to $58.9 million
The IDP Education Ltd (ASX: IEL) share price has crashed 19% lower to $15.90. The education services provider's shares have fallen heavily despite delivering a very strong full year result. However, it is worth noting that its profit growth slowed in the second half, which may have alarmed investors given the premium its shares trade at. In addition to this, the company didn't provide any guidance for FY 2020.
The Monash IVF Group Ltd (ASX: MVF) share price has plummeted 30% to 99.7 cents after the fertility treatment company revealed that five Victorian specialists would be parting ways with it and establishing their own clinics. These specialists generated revenues of approximately $5.9 million for the company in FY 2019. Management estimates that next year's profits could be impacted by approximately $1.5 million to $2.5 million if all doctors cease referring to the company by the end of the first quarter.
The Webjet Ltd (ASX: WEB) share price has sunk 11% lower to $12.30 despite announcing strong profit growth in FY 2019 thanks to its WebBeds business. The WebBeds business posted organic EBITDA growth of 30% to $78 million. This led to an adjusted net profit of $81.3 million, up 46% on the prior corresponding period. It appears as though some investors expected even better.
