The S&P/ASX 200 Index (ASX: XJO) rose by 0.16% today to 6,126 points.
It was another busy day of reporting today with plenty of good growth numbers.
Afterpay Ltd (ASX: APT)
Buy now, pay later (BNPL) business Afterpay released its FY20 result today.
Total underlying sales grew by 112% to $11.1 billion. Afterpay said it has an annual run rate of over $15 billion per annum, based on FY20 fourth quarter trading. Active customers increased by 116% to 9.9 million and active merchants went up 72% to 55,400.
The gross loss as a percentage of underlying sales improved from 1.1% last year to 0.9% in FY20 for the ASX 200 business.
Total income increased by 97% to $519.2 million. The net transaction margin grew by 110% to $250.2 million. The net transaction margin stayed steady at 2.3%.
Afterpay's earnings before interest, tax, depreciation and amortisation (EBITDA) excluding significant items rose by 73% to $44.4 million.
During FY20, Afterpay added 17,300 new customers per day. In the last quarter of FY20 it added 20,500 new customers per day.
Pleasingly, customers continue to transact more frequently the longer they stay on the ASX 200 share's platform. International markets are following a similar customer frequency trajectory like the ANZ business.
Afterpay launched into Canada in August to extend its North American business. It recently announced the acquisition of European-based Pagantis. It is also planning to expand into Asia after the acquisition of a small Singapore business operating in Indonesia called EmpatKali.
Bega Cheese Ltd (ASX: BGA)
The best performer in the ASX 200 today was Bega Cheese.
Bega management said that the FY20 result demonstrated the value of a consistent strategy and the capacity to manage unpredictability across the supply chain.
The statutory results were quite impressive with revenue growth of 5% to almost $1.5 billion. EBITDA grew by 11% to $87.8 million, EBIT went up 48% to $42 million and profit after tax (PAT) grew by 384% to $21.3 million.
However, when expenses relating to legal costs, IT systems and Koroit were excluded, the normalised result didn't look as impressive.
The ASX 200 business said normalised EBITDA fell 2% to $103 million, normalised EBIT dropped 11% to $57.2 million and normalised PAT rose 3% to $31.9 million. Normalised earnings per share (EPS) was the same as last year at 14.9 cents.
The Bega board declared a final dividend of 5 cents per share.
In FY21 Bega said it's well placed for growth and seasonal conditions in dairy are "much improved" compared to recent years with industry supply expected to increase in FY21.
Appen Ltd (ASX: APX)
The worst performer in the ASX 200 was Appen after releasing its FY20 half-year result. The Appen share price fell by 11% today.
Appen reported that total revenue rose by 16% to $306.2 million. Relevance revenue rose 34% to $273.9 million and speech and imagine revenue dropped 20% to $31.9 million.
Underlying EBITDA dropped 2% to $49.1 million. However, statutory EBITDA increased by 34% to $50.9 million.
Underlying net profit fell by 12% to $28.9 million and statutory net profit rose 8% to $22.3 million.
Appen said that revenue growth and customer acquisition in China has been "especially pleasing" as well as new customer wins in the first half in the US and Europe.
The ASX 200 tech share said that the pandemic has had a negligible impact on the first half result. A slowdown in new business development and deferred renewals by smaller customers amounted to low single digit percentage points of revenue. The global slowdown in online advertising spend brought about by the pandemic will have a small impact on Appen's ad-related revenue in the second half.
The company said it's expecting full year underlying EBITDA to be in the range of $125 million to $130 million. The full year underlying EBITDA margin is expected to be in the high teen percentage.
