Day: 21 December 2021

The Australian Clinical Labs Ltd (ASX: ACL) share price has hit a record high on Tuesday morning.

At the time of writing, the pathology services provider’s shares are up 10% to $5.47.

Why is the Australian Clinical Labs share price charging higher?

Investors have been bidding the Australian Clinical Labs share price higher this morning after it upgraded its guidance for the first half of FY 2022.

According to the release, the company expects its first half revenue to be between $497.3 million and $517.2 million. And on the bottom line, Australian Clinical Labs’ net profit after tax (NPAT) is expected to come in at between $116.3 million and $128 million.

As a comparison, the company’s previous guidance was revenue of $437.5 million to $454.9 million and NPAT of $86.3 million to $94.9 million.

At the mid-point of all ranges, this represents an upgrade of 13.7% for its revenue guidance and 35% for its NPAT guidance.

What drove the upgrade?

Management advised that the revenue guidance upgrade reflects continued strong demand for COVID-19 testing, particularly in VIC and NSW, as well as a sustained resilient performance of the non-COVID-19 business.

Whereas the profit guidance upgrade was driven by a combination of revenue growth and expanding margins from increased scale and operating leverage.

Positively, while the company has not provided guidance for the full year, management appears confident demand for testing will remain strong in the second half.

Australian Clinical Labs’ Chief Executive Officer, Melinda McGrath, commented: “We anticipate heightened volumes of COVID-19 testing to continue during the remainder of FY22 due to the impact of new variants and outbreaks, the lifting of travel restrictions and increased demand for both commercial and travel testing.”

The post Why the Australian Clinical Labs (ASX:ACL) share price is up 10% to a record high appeared first on The Motley Fool Australia.

More reading

• Why Australian Clinical Labs, Magellan, Sandfire, and Telix shares are rising
• Why the Australian Clinical Labs (ASX:ACL) share price is up 10% to a record high
• Why Australian Clinical Labs, Humm, Neometals, and Viva Energy are rising
• Analysts are tipping huge gains for these small cap ASX shares

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Australian Clinical Labs Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Investing in the small side of the share market carries more risk than other areas. However, if your risk tolerance allows for it, having a bit of exposure to this side of the market could be a good thing for a balanced portfolio given the potential returns on offer.

With that in mind, here are three small cap ASX shares that analysts rate highly:

Ai-Media Technologies Ltd (ASX: AIM)

The first small cap ASX share to watch is Ai-Media Technologies. This global media access provider’s cloud-based technology platform offers live and recorded captioning, transcription, subtitles, translation and speech analytics. And these services are certainly in demand! So much so, globally, Ai-Media technology delivers 7 million minutes of live and recorded media content, and online events and web streams every month. Bell Potter is positive on the company. It currently has a buy rating and $1.50 price target Ai-Media Technologies’ shares.

Mydeal.Com Au Ltd (ASX: MYD)

Another small cap to watch is MyDeal. It is an online retail marketplace focused on home and lifestyle goods. At the end of FY 2021, MyDeal had more than 1,800 sellers on its platform with over 6 million product SKUs listed across over 2,000 categories. And with its customer numbers nearing 1 million, the company looks well-placed to benefit from the shift to online shopping over the long term. The team at Morgans is positive on the company’s outlook and has an add rating and 90 cents price target on its shares. It feels MyDeal would be a good option for investors that want exposure to a high growth ecommerce opportunity with a strong balance sheet.

SILK Laser Australia Limited (ASX: SLA)

A final small cap ASX share to watch closely is SILK Laser. It is one of Australia’s largest specialist clinic networks, offering a range of nonsurgical aesthetic products and services. SILK’s five core offerings comprise laser hair removal, cosmetic injectables, skin treatments, body contouring and skincare products. Demand has remained strong for its services during the pandemic, underpinning stellar sales and profit growth. The good news is that management still sees significant room to expand its clinic over the next decade. This gives it a long runway for growth. Wilsons is bullish on SILK and has an overweight rating and $5.25 price target.

The post 3 exciting small cap ASX shares analysts rate highly appeared first on The Motley Fool Australia.

More reading

• 3 buy-rated small cap ASX shares with major upside potential
• This fund manager thinks the MyDeal (ASX:MYD) share price is appealing

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended SILK Laser Australia Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The ASX 200 index is home to 200 of the largest listed companies on the Australian share market.

While there are a number of quality options on offer in the index, two that could be in the buy zone with material upside are listed below.

Here’s what you need to know about these ASX 200 shares:

BHP Group Ltd (ASX: BHP)

The first ASX 200 blue chip share to look at is BHP. The Big Australian’s shares have pulled back materially in recent months following a sharp decline in the iron ore price.

While the weakness in the price of the steel making ingredient is disappointing, it still notably higher than BHP’s cost of production. As a result, the company’s operations are still generating significant free cash flow. As are many of its non-iron ore operations which are benefiting from rises in other commodity prices.

Macquarie remains very positive on the company. It currently has an outperform rating and $52.00 price target on BHP’s shares.

CSL Limited (ASX: CSL)

Another ASX 200 share to look at is CSL. It is one of the world’s leading biotherapeutics companies.

CSL has been a very positive performer over the last decade. This has been driven by successful acquisitions, its high level of investment in R&D activities, its growing plasma collection network, and its leading therapies and vaccines.

In respect to the latter, CSL’s portfolio includes lucrative and life-saving products such as Privigen, Hizentra, Idelvion, and Afstyla. It will soon add leading iron deficiency, nephrology and cardio-renal therapies to these with the acquisition of Vifor Pharma for $17 billion.

But it doesn’t stop there. Thanks to its ~US$1 billion spend on R&D annually, CSL has a pipeline of lucrative products under development to drive its future growth.

Last week Citi upgraded the company’s shares to a buy rating with a $340.00 price target.

The post 2 high quality ASX 200 shares with huge upside potential appeared first on The Motley Fool Australia.

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• Here are the top 10 ASX shares today
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• 2 value ASX shares ready for a big 2022: fund manager
• Why is the BHP (ASX:BHP) share price having such a lousy start to the week?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Shares in fund manager Magellan Financial Group Ltd (ASX: MFG) were rangebound today and trade more than 4% higher at $20.56.

Magellan shares have pared long-term gains and now trade deep in the red across all relevant time frames after a string of headwinds has plagued its manager performance lately.

What do the experts think? Let’s take a look at what analysts from leading investment firms are saying on the outlook for Magellan investors.

What is Morgans saying about Magellan’s outlook?

Morgans takes immediate note of UK based wealth management giant St James Place withdrawing its investment mandate from Magellan’s book, and also takes a balanced view of its outcome.

On the one hand, it notes the contagion risk for its flagship fund, however also notes that the withdrawal makes Magellan’s headline valuation look attractive.

Despite the optimism, however, Morgans remains unconfident on Magellan’s funds under management and the stability of its fees, saying that “medium term earnings risk are still present” in that regard.

Moreover, the risk of contagion or loss of another large institutional investor from St James Place’s exit is a real risk which investors must consider, Morgans says. This could impact retail outflows and force retail fee reductions, Morgans says.

In the end, the broker states that “we would avoid the stock until there is more certainty in the funds under management base and earnings outlook”.

It is neutral on the shares and values Magellan at $24.15 per share, in line with Jarden who have Magellan as a sell at $24.

Is Magellan a sell?

Meanwhile, Morgan Stanley says that Magellan’s bear case is finally playing out after St James Place’s exit, causing the broker to slash its price target by 40% to $17.50.

Morgan Stanley notes that a particular institutional client accounted for around 12% of Magellan’s annual revenues, and the broker is now worried about the lumpy revenues from other large clients.

It too recognises a threat to Magellan’s retail fees, which already sit at the highest amongst its peer group, and reckons a cut to Magellan’s 90%+ payout ratio is likely on the horizon. Morgan Stanley thinks Magellan is a sell.

UBS is also bearish, noting that St James Place’s withdrawal is a sign for broader concern. UBS notes that the institutional wealth manager accounted for 16% of Magellan’s funds under management, which could risk a follow on event.

UBS says that “with the stock down 33% on the news, investors are righty, in our view, factoring in broader contagion of institutional outflows”.

The investment bank itself forecasts $23 billion of net outflows over the next 2-3 years in its own modelling, according to the note.

UBS rates Magellan as a sell with these risks in mind on a valuation of just $17 per share.

Magellan share price summary

Magellan’s share price is down 64% in the past 12 months after falling another 63% this year to date. Over the past month is has extended losses and has plunged 43%, and has tanked more than 32% in the last week.

The post Is it a sell? Why is Morgans saying “avoid” the Magellan (ASX:MFG) share price? appeared first on The Motley Fool Australia.

More reading

• Why Australian Clinical Labs, Magellan, Sandfire, and Telix shares are rising
• ASX 200 (ASX:XJO) midday update: Magellan rebounds, Pilbara Minerals sinks
• Magellan (ASX:MFG) shares just lost $1.8b of market cap. What now?
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• ASX 200 (ASX:XJO) midday update: Magellan shares crash 28%, CIMIC tumbles

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Global Lithium Resources Ltd (ASX: GL1) share price climbed today amid positive lithium results.

Shares in the company were trading at 63 cents apiece at market close today, up 3.3%.

Let’s take a closer look at what the mining company announced.

What did Global Lithium discover?

The Global Lithium share price finished the day higher on Tuesday after the company revealed significant lithium assay results from its exploration program at the Marble Bar lithium project.

Global Lithium is an emerging lithium company exploring the Pilbara region of Western Australia.

Drill holes at the project site intersected a large amount of lithium mineralisation at previously unexplored areas.

The company said these intercepts show the ongoing success of the exploration program and the growth potential of the project.

The company said the significance of spodumene found between the Archer deposit and the Brockman zone “demonstrates that the system is larger than originally thought and the company intends to follow up on these targets in CY2022”.

Speaking on the strong results which likely boosted the Global Lithium share price today, managing director Jamie Wright said:

The high success rate of the program vindicates the targeting effort by the Global Lithium and Resource Potentials’ teams and provides a strong platform for the 2022 exploration campaign.

The lithium market remains strong and we expect this momentum to continue into 2022 and beyond.

In 2022, the company will focus on new lithium targets at the mining site that are yet to be tested.

Global Lithium share price snap shot

The Global Lithium share price has rocketed 213% in the past 12 months after the company joined the ASX in May.

For perspective, the S&P/ASX 200 Index (ASX: XJO) has returned more than 9% in the past year.

In the past month, the company’s shares have gained 6%. They are also up 6% in the past week.

The miner has a market capitalisation of nearly $69 million based on its current share price.

The post Here’s why the Global Lithium (ASX:GL1) share price leapt today appeared first on The Motley Fool Australia.

More reading

• Here’s why the Global Lithium (ASX:GL1) share price is falling 7% today

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The two tech exchange-traded funds (ETFs) in this article could be leading ideas to consider for 2022.

Businesses in the technology sector are able to grow quickly and achieve good profit margins due to the intangible nature of the service that they typically provide.

These twos could be one to watch:

VanEck Video Gaming and Esports ETF (ASX: ESPO)

This tech ETF owns some of the largest businesses globally that are involved in video game development, eSports and related hardware and software.

These businesses are ones that make a significant portion of their revenue from the video gaming and e-sports industry. The companies involved are benefiting from the increasing popularity of video games, according to VanEck.

E-sports revenue has grown by an average of 28% per year since 2015, whilst video game revenue overall has grown by an average of 12% per year over the same time period.

In mid-December, these are the businesses that have a weighting of more than 4% in the tech ETF: Nvidia, Advanced Micro Devices, Tencent, Nintendo, Netease.com, Roblox, Bandai Namco, Take Two Interactive, Unity Software, Activision Blizzard, Sea, Electronic Arts and Nexon. There are a total of 26 positions in the portfolio.

VanEck also points out that these businesses offer diversification opportunities away from Apple, Amazon, Facebook, Alphabet/Google and Microsoft.

E-sports has opened up a number of new potential revenue streams for the companies involved like game publisher fees, media rights, merchandise, ticket sales and advertising.

Global games revenue is/was predicted to grow from $US100 billion in 2016 to US$200 billion by 2023.

Betashares Asia Technology Tigers ETF (ASX: ASIA)

This ETF is about providing investors with exposure to 50 of the biggest technology businesses outside of Japan.

Since February 2021, the tech ETF has dropped by around 25%. So, prices are quite a bit lower than they were earlier in the year.

Despite recent declines, some of these businesses are among the biggest in the world, such as: Samsung, Taiwan Semiconductor Manufacturing, Tencent, Alibaba, Meituan, Infosys, JD.com, Sea, Pinduoduo and Netease.

The Asian population is seeing a rapid rise in the number of middle class, which allows for more spending on discretionary areas, such as technology and entertainment.

Outlining one of the bullish points about the ETF, BetaShares says that due to its younger, tech-savvy population, Asia is surpassing the West in terms of technological adoption and the sector is anticipated to remain a growth sector.

There are four countries that have significant weightings within the Betashares Asia Technology Tigers ETF portfolio are: China (46.2%), Taiwan (24.6%), South Korea (17.3%) and India (6.6%). So, China features heavily here.

There are various tech sectors within this tech ETF’s portfolio, including: internet and direct marketing (25.9%), semiconductors (20.6%), interactive media and services (17.1%), technology hardware, storage and peripherals (12.9%) and interactive home entertainment (10.1%).

This ETF has an annual management fee of 0.67% per annum.

The post 2 top tech ETFs for 2022 appeared first on The Motley Fool Australia.

More reading

• Why is the Betashares Asia Technology Tigers ETF (ASX:ASIA) struggling in December?
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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BetaShares Asia Technology Tigers ETF and VanEck Vectors ETF Trust – VanEck Vectors Video Gaming and eSports ETF. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Many S&P/ASX 200 Index (ASX: XJO) travel shares soared today amid news the calamity resulting from the Omicron COVID-19 variant hasn’t dinted Australian consumer confidence.

The latest findings from Australia and New Zealand Banking Group Ltd (ASX: ANZ) and Roy Morgan showed consumer confidence increased 0.4% last week – its third consecutive weekly gain – despite rising Omicron cases.

Additionally, the Reserve Bank of Australia (RBA) noted similar observations earlier this month.

The minutes for the RBA monetary policy meeting stated the variant increased uncertainty around international travel in November but didn’t impact long-term outlooks.

ASX 200 travel shares took to the skies on Tuesday

ASX 200 travel shares were among the winners on Tuesday, with the Flight Centre Travel Group Ltd (ASX: FLT) share price leading the pack. The travel agent’s stock gained 3.89%.

Meanwhile, that of Webjet Limited (ASX: WEB) increased 3.17% and Qantas Airways Limited (ASX: QAN) ended the day 0.84% higher.

For context, the ASX 200 Index gained 0.86% today.

Consumer confidence and travel outlook unchanged by variant

Consumer confidence soared 4.8% in New South Wales last week and Victoria recorded a 1.1% spike. However, all other states reported modest falls. The gains came despite increasing numbers of new Omicron cases.

According to ANZ senior economist Adelaide Timbrell, lower rates of hospitalisations associated with the Omicron variant likely helped consumers’ outlooks.

Right now, 32% of Australians say their families are better off than they were this time last year. At the same time, 38% say they expect their family will be better off financially this time next year.

Meanwhile, the RBA believes the outlook for travel and education exports improved over November.

Additionally, it predicted education exports will contribute to Australia’s GDP in the coming years.

Though, the RBA board noted the Omicron variant had “clouded” near-term outlooks. Particularly, as it could lead to travel hesitancy.

What else might have driven travel shares higher?

Potentially also buoying ASX 200 travel shares is the easing of restrictions for international arrivals.

As of today, those arriving in New South Wales and Victoria from overseas no longer have to isolate for 72 hours.

Instead, they only need to isolate until they test negative for COVID-19.

All arrivals must receive a COVID-19 test within 24 hours of landing. Additionally, travellers to Australia have to be tested for COVID-19 within 72 hours of boarding their flight.

Speaking on the newly relaxed rules, New South Wales Premier Dominic Perrottet commented:

We know it has been a challenging time for international travel with new rules and the emergence of the Omicron variant, but this announcement is about simplifying the process and making sure Australia’s two biggest cities have a consistent approach.

New South Wales also upped the penalty for disregarding isolation, testing, and quarantine requirements. Noncompliance now risks fines of up to $5,000 for individuals and $10,000 for corporations.

The post What boosted ASX 200 travel shares on Tuesday? appeared first on The Motley Fool Australia.

More reading

• Why is the Flight Centre (ASX:FLT) share price taking to the skies on Tuesday?
• Webjet (ASX:WEB) shares have a 9% short interest. What does this mean?
• Why is the short interest in Flight Centre (ASX:FLT) shares still growing?
• Leading brokers name 3 ASX shares to buy today
• How high will ASX travel shares fly in 2022?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Moneyme Ltd (ASX: MME) share price finished 11% higher today amid the company’s announcement of a new warehouse funding facility with Morgan Stanley Australia as its partner.

The fintech company says the move will bolster Moneyme’s Autopay platform for motor vehicle finance.

At market close, the Moneyme share price finished at $1.96 a share, up 11.05% on the day. 

Moneyme’s response to company growth

According to today’s announcement, Moneyme’s new funding model will inject an additional $200 million into the company’s “high growth Autopay product”.

The partnership will secure funds at less than 3% above the BBSW (bank bill swap rate), used as a short-term benchmark rate.

Moneyme says the new facility will allow it to cut its lending costs.

It will also pave the way for the company to gain further traction in the heated motor vehicle lending market.

Morgan Stanley will be the senior funder of the new Moneyme facility with Revolution Asset Management the Mezzanine funder.

Moneyme managing director and CEO Clayton Howes said:

The new Autopay warehouse will further reduce our funding costs, and combined with our variable rate credit products we are well placed to counter upward pressure to the cash rate.

This warehouse is significant for Autopay’s growth in 2022 as we expect market demand for Autopay to increase further with major long term players exiting the market.

It’s clear the company is looking to capitalise on the departure of several traditional lenders in the auto finance sector, including Westpac Banking Corp (ASX: WBC) which sold its vehicle dealer finance and novated leasing business in June.

In other news from Moneyme today, the company also announced a further 10% increase to the funding capacity of its Horizon 2020 Trust (HW20) Major Bank, bringing it to $467 million.

It comes after the announcement of a boost to its Horizon 2020 warehouse facility capacity in June.

Just last week, Moneyme announced the acquisition of digital finance provider SocietyOne for $132 million.

Moneyme share price snapshot

The Moneyme share price has seen a positive six months, leaping 75% in the six weeks from 10 May to 2 July.

It seems this was spurred by a positive trading update in mid-June. The company’s share price has remained in the elevated range ever since.

At its current share price, the company has a market capitalisation of over $335 million with 171 million shares issued.

The post Why has the Moneyme (ASX:MME) share price jumped 11% today? appeared first on The Motley Fool Australia.

More reading

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• Moneyme (ASX:MME) share price slides 9% despite record trading update

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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It’s often held that the lead-up to Christmas is the best part of an ASX retail share’s calendar. Indeed, most of us usually spend a few hours over December (or perhaps November for the ultra-organised) scouring shops and online stores for various gifts and presents. But these days, the period following Christmas can be just as lucrative for ASX retail shares. Thank the rise of the Boxing Day sales. Plenty of post-Christmas cash, some time off work… who wouldn’t want to head to the shops and snare a few bargains?

But how much of a cash bonanza can Aussie retail companies look forward to this year?

Well, a new report from Commonwealth Bank of Australia (ASX: CBA) sheds some light on that question.

ASX retail shares could be set for a bumper end to the year

According to the report, CBA is expecting Australians to unleash a $4 billion tidal wave of cash over this year’s Boxing Day sales period. CBA’s research found that 69% of those surveyed are planning to bag a bargain or two at this year’s sales.

Some 40% of those surveyed also were in a position to predict how much they would be willing to drop into retailers’ pockets. The average spend is expected to be $557, a very healthy 14% rise from the $457 spent last year.

CBA’s card data also found that customers are looking likely to spend 22% more this December across their debit and credit cards than the average of all the other months of 2021.

That will no doubt be music to the ears of the ASX’s largest retail shares such as JB Hi-Fi Limited (ASX: JBH), Premier Investments Limited (ASX: PMV), Super Retail Group Ltd (ASX: SUL), and Kogan.com Ltd (ASX: KGN).

Kate Crous, executive general manager at CBA Everyday Banking, said of the report’s findings:

As the nation bounces back, Australians are embracing shopping and are excited to hit the sales. This is welcome news for retailers, who are keen to see consumers return after a tough few months, and is also great for consumers hoping to get good value from their shopping.

I need your clothes, your boots, and your… dishwasher

Clothing retailers look set to be the biggest beneficiaries of this potential wave of spending. Fair enough. With the lockdowns that most Aussies have endured this year, a new wardrobe might be in order for many. CBA found that 57% of those surveyed were intending on splashing out on some new threads or kicks.

But technology, home electricals, white goods, and homeware and furniture are also tipped to be big winners. So perhaps ASX retail shares like Nick Scali Limited (ASX: NCK), Adairs Ltd (ASX: ADH), or Temple & Webster Group Ltd (ASX: TPW) also have some cash coming their way.

Wherever this holiday period takes us, there will no doubt be more than a few ASX retail shares eyeing a potentially very merry Christmas right now, if CBA’s report is to be believed.

The post Forget Christmas! Could these ASX retail shares be set for a Boxing Day bonanza? appeared first on The Motley Fool Australia.

More reading

• Will the CBA (ASX:CBA) share price smash its record high in 2022?
• Fed up with term deposits? How to get 10% income from ASX shares
• How will ASX retail shares go in 2022?
• These are the 10 most shorted ASX shares
• 2 buy-rated ASX dividend shares for income investors

Motley Fool contributor Sebastian Bowen owns ADAIRS FPO and Kogan.com ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended ADAIRS FPO, Kogan.com ltd, Super Retail Group Limited, and Temple & Webster Group Ltd. The Motley Fool Australia owns and has recommended ADAIRS FPO, Kogan.com ltd, and Super Retail Group Limited. The Motley Fool Australia has recommended Premier Investments Limited and Temple & Webster Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Vection Technologies Ltd (ASX: VR1) share price stormed higher today. This comes after the company announced a market update and revenue guidance for the 2022 fiscal year.

At the closing bell, the real-time software company’s shares finished the day at 17 cents, up 17.39%.

How is Vection performing for FY22?

Investors have been driving up the Vection share price after digesting the company’s latest financial figures.

In a statement to the ASX, Vection advised that it has outperformed its first-half FY22 Total Contract Value (TCV) target.

Earlier this month, the company revealed it exceed its TCV goal by $1 million, reaching a milestone of $11 million. Notably, the metric represented an increase of 120% compared to the FY22 first quarter TCV level of $5 million.

As such, Vection now expects a first-half fiscal year 2022 revenue guidance of between $8 million to $9 million. The full fiscal year 2022 revenue guidance is anticipated to come around $17 million to $19 million.

Second quarter cash receipts from clients are projected to be more than $3.5 million. This is assumed to lead to half-year cash receipts from clients in excess of $6.3 million.

The company is seeking to accelerate its aggressive global acquisition strategy targeting the XR and metaverse enterprise technology sector. It believes the technology suite delivers high growth potential through broad industrial adoption.

Vection Technologies Managing Director, Gianmarco Biagi commented:

Our growing global team, clients, leading partnerships and TCV give us comfort in providing the market with a revenue guidance of $8 to $9 million for the first half fiscal year 2022, with full fiscal year revenue guidance of $17 to $19 million.

A strong global client base provides strong credibility to grow major multinational sales channels across consultancy firms’ clients. With a strong M&A focussed war-chest, we are positioned to leverage an aggressive programmatic acquisition approach to drive XR organic growth during 2022 and 2023, to deliver continued shareholder return.

Vection share price snapshot

Over the past 12 months, the Vection share price has lifted 13%, with year-to-date around 8% higher.

The company’s shares reached an all-time high of 29 cents last month, before sharply pulling back and erasing the gains.

Based on today’s price, Vection commands a market capitalisation of around $143.26 million and has 1.10 billion shares on issue.

The post This just caused the Vection (ASX:VR1) share price to leap 17% appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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