Author: therawinformant

The Genex Power Ltd (ASX: GNX) share price has remained flat today despite the company announcing it has signed an agreement for a battery project in North Queensland. At the time of writing, the Genex share price is trading at 20 cents after closing yesterday’s session at the same price. 

What was in the announcement?

According to the announcement, Genex secured an agreement with Powerlink Queensland to access land adjacent to its 275kV/132kV substation in Bouldercombe near Rockhampton in North Queensland. Genex will use the land to develop the Bouldercombe battery project. 

The project will be initially sized at 50/75MWh and Genex expects that it will be the first standalone, large-scale battery project in the state of Queensland.

Genex announced that it had already selected its preferred battery supplier and integrator for the project.

According to Genex, the Bouldercombe battery project will further diversify its portfolio and will position Genex as a leader in renewable energy generation and storage in the Australian market.

About the Genex share price

Genex is a renewable energy company with a focus on clean energy generation and electricity storage. Genex has a development pipeline of up to 820MW of renewable energy generation and electricity storage in its portfolio. It has been listed on the ASX since 2015.

In September, Genex completed a share purchase plan at an issue price of 22 cents raising $2.5 million, this followed a placement to sophisticated and institutional investors which raised $21.28 million at the same issue price.

In the year to 30 June 2020, Genex had revenue of $12.3 million, a decrease of 23% compared to the prior year. The company saw reduced power generation from its Kidston solar plant in FY2020 relative to the prior year, which affected revenue. Genex had cash of $65.5 million at 30 June 2020. The company had earnings per share of -2.63 cents in the year to 30 June 2020.

The Genex share price is up 138% since its 52-week low of 8.4 cents, however, it has fallen 13.04% since the beginning of the year. The Genex share price is down 23.08% since this time last year. 

More reading

• COVID-19 fear hits the UK, 2 ASX shares to buy
• ASX 200 down 0.9%: Tech shares push higher, gold miners sink, New Hope results
• Why Collins Foods, ResMed, Regional Express, & Xero shares are pushing higher
• Why Jumbo, New Hope, Northern Star, & Qantas shares are dropping lower
• New Hope (ASX:NHC) share price sinks lower on FY 2020 results

Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is on course to record another heavy decline. The benchmark index is currently down 0.9% to 5,771.8 points.

Here’s what is happening on the market today:

Tech shares push higher.

The tech sector appears to be finding its feet again and is pushing higher on Tuesday despite the broad market weakness. The likes of Afterpay Ltd (ASX: APT) and Xero Limited (ASX: XRO) shares are both on form and helping to drive the S&P/ASX All Technology Index (ASX: XTX) up 1.2% at lunch. This follows a reasonably positive night for tech shares on the Nasdaq index on Monday.

New Hope FY 2020 results.

The New Hope Corporation Limited (ASX: NHC) share price is sliding lower today following the release of its full year results for FY 2020. The coal miner posted a 17% decline in revenue to $1,084 million and a 69% decline in profit after tax to $120 million for the 12 months. This was driven by severe weakness in coal prices during the year. In light of its poor financial performance, the New Hope board has elected to reduce its dividend by 65% to 6 cents per share.

Gold miners crash lower.

Evolution Mining Ltd (ASX: EVN), Northern Star Resources Ltd (ASX: NST), and many other gold miners are dropping notably lower on Tuesday. This follows a sharp pullback in the spot gold price overnight. The precious metal came under pressure following a rebound in the U.S. dollar and stimulus concerns. At the time of writing, the S&P/ASX All Ordinaries Gold index is down almost 3.5%.

Best and worst ASX 200 shares.

The Collins Foods Ltd (ASX: CKF) share price is the best performer on the ASX 200 on Tuesday with a gain of 5%. This is despite there being no news out of the KFC restaurant operator. Going the other way, the worst performer has been the Virgin Money UK (ASX: VUK) share price with a decline of over 8%. Investors have been selling the UK-based bank’s shares amid concerns over further lockdowns in the UK.

More reading

• COVID-19 fear hits the UK, 2 ASX shares to buy
• Why Collins Foods, ResMed, Regional Express, & Xero shares are pushing higher
• Why Jumbo, New Hope, Northern Star, & Qantas shares are dropping lower
• New Hope (ASX:NHC) share price sinks lower on FY 2020 results
• Share, commodity and cryptocurrency markets fall overnight

James Mickleboro owns shares of Collins Foods Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Xero. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Collins Foods Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and is on course to record a disappointing decline on Tuesday. At the time of writing the benchmark index is down a sizeable 0.8% to 5,777.2 points.

Four shares that have defied the market and stormed higher today are listed below. Here’s why they are pushing higher:

The Collins Foods Ltd (ASX: CKF) share price is up 5% to $10.51. This is despite there being no news out of the KFC restaurant operator. This latest gain means that the Collins Foods share price is now up over 18% since the start of the year. This has been driven by its strong sales and profit growth during the pandemic.

The ResMed Inc. (ASX: RMD) share price is up 3% to $23.86. This solid gain may have been driven by reports of an acceleration in coronavirus cases in Europe and the United States. Investors may believe that this will cause another spike in demand for the medical device company’s respiratory products in the near term. Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) shares are also trading notably higher today.

The Regional Express Holdings Ltd (ASX: REX) share price has climbed 4.5% to $1.14. This morning the regional airline operator revealed that it is in advanced negotiations with PAG Asia Capital in relation to a $150 million investment. These funds would be used to support the launch of the company’s expanded domestic operations.

The Xero Limited (ASX: XRO) share price has risen 3% to $94.00. Investors have been buying Xero and other tech shares on Tuesday despite the broad market weakness. This follows a reasonably positive night for tech shares on the famous Nasdaq index. The S&P/ASX All Technology Index (ASX: XTX) is up approximately 1% at the time of writing.

More reading

• Why now could be a good time to buy CSL (ASX:CSL) and ResMed (ASX:RMD) shares
• 5 things to watch on the ASX 200 on Monday
• 5 stellar ASX growth shares that could smash the market in the 2020s
• Top brokers name 3 ASX shares to sell next week
• ASX 200 down 0.1%: Tech shares push higher, AMP (ASX:AMP) sinks lower

James Mickleboro owns shares of Collins Foods Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Xero. The Motley Fool Australia has recommended Collins Foods Limited and ResMed Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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In late morning trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is dropping lower. At the time of writing the benchmark index is down 0.55% to 5,790.3 points.

Four shares that are falling more than most today are listed below. Here’s why they are dropping lower:

The Jumbo Interactive Ltd (ASX: JIN) share price has tumbled 7.5% lower to $13.32. This follows news that Tabcorp Holdings Limited (ASX: TAH) is selling its stake in Jumbo. According to the release, the gambling company has entered into an agreement to sell its 11.6% interest through a block trade with UBS. Tabcorp has agreed to sell its 7,234,178 shares in Jumbo at a price of $13.52 per share. This represents a 6.1% discount to its last close price. 

The New Hope Corporation Limited (ASX: NHC) share price is 2% lower at $1.22. This follows the release of the coal miner’s full year results for FY 2020. Due to a heavy decline in coal prices, New Hope posted a 17% decline in revenue to $1,084 million and a 69% decline in profit after tax to $120 million. In light of this poor financial performance, the company has reduced its dividend by 65% to 6 cents per share.

The Northern Star Resources Ltd (ASX: NST) share price has fallen 5% to $13.83. Investors have been selling Northern Star and other gold miners on Tuesday after a sharp pullback in the spot gold price overnight. The precious metal came under pressure following a rebound in the U.S. dollar. At the time of writing, the S&P/ASX All Ordinaries Gold index is down a sizeable 3.5%.

The Qantas Airways Limited (ASX: QAN) share price is down 2% to $3.76. A number of travel shares have been sold off by investors on Tuesday amid concerns over escalating cases of coronavirus in Europe and the United States. This has sparked fears that the recovery in travel markets could be pushed even further back if a vaccine isn’t successfully developed soon.

More reading

• New Hope (ASX:NHC) share price sinks lower on FY 2020 results
• Jumbo (ASX:JIN) share price on watch after Tabcorp (ASX:TAH) sells its stake
• 5 things to watch on the ASX 200 on Tuesday
• 5 things to watch on the ASX 200 on Monday
• Grow rich with these excellent ASX shares

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Jumbo Interactive Limited. The Motley Fool Australia owns shares of and has recommended Jumbo Interactive Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The New Hope Corporation Limited (ASX: NHC) share price is tumbling lower on Tuesday following the release of its full year results.

At the time of writing the coal miner’s shares are down over 4% to $1.19.

How did New Hope perform in FY 2020?

For the 12 months ended July 31, New Hope delivered a 4% increase in coal production to 11.3 million tonnes (MT) and a 6% lift in sales volumes to 11.5MT.

This was driven by increases in production and sales by the company’s Bengalla operation which offset softer production at New Acland.

However, due to a sharp reduction in coal prices, New Hope’s growth stopped there.

Revenue fell 17% over the 12 months to $1,084 million and earnings before interest, tax, depreciation and amortisation (EBITDA) crashed 44% to $290 million.

This ultimately led to New Hope’s profit after tax tumbling 69% to $120 million or 10 cents per share.

In light of this poor financial performance, the company has reduced its dividend by 65% to 6 cents per share.

A year like no other.

The company’s Chair, Robert Millner, notes that FY 2020 was a unique year and one filled with challenges.

He commented: “The 2020 financial year has been like no other year in the Company’s history and has presented the Board and management with a number of challenges. The Company has weathered many coal pricing cycles in its long history, but never one driven by such a unique set of circumstances; a pandemic and increasing tension with Australia’s major trading partner.”

Positively, the chairman is optimistic that things will improve and notes that the company is “beginning to see some signs on the supply and demand sides that should help to stabilise coal prices.”

Outlook.

Mr Milner advised that while trading conditions remain uncertain because of the pandemic, the company is prepared for whatever is thrown at it.

He commented: “Looking forward, COVID-19 will continue to affect energy demand in the Company’s markets and alter the balance of the energy mix. New Hope will continue to monitor developments and fine-tune its strategy accordingly.”

Management added: “With a suite of low cost, quality assets and strong balance sheet, the Company remains well positioned to endure the current global economic downturn and retain its position as one of Australia’s leading coal producers.”

More reading

• ASX 200 falls slightly, miners surge higher
• ASX 200 flat: Afterpay (ASX:APT) rebounds, Cleanaway (ASX:CWY) sinks, big four banks lower
• ASX 200 plunges 3.1%, Afterpay suffers
• Quarterly rebalance: Coles and Fortescue added to ASX 20, Zip joins the ASX 200

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Many experts tell Australian retail investors to look beyond the ASX for diversification.

They say the Australian market is too small and dominated by the big banks and mining companies.

Now a simple graph easily demonstrates just how small a pond the ASX is.

Atlassian Corporation PLC (NASDAQ: TEAM) is Australia’s largest technology company. But it chose to list on the NASDAQ, rather than the ASX.

The theory is that there is much more investor money available in the US.

Tech shares on the ASX haven’t done badly this year. The S&P/ASX All Technology Index (ASX: XTX) has almost doubled since March.

But this graph, put together by Clare Capital, shows how the top 15 ASX tech companies combined are only just bigger than Atlassian by itself:

“We think that Nasdaq-listed Australian software company Atlassian is an incredible business,” said Clare Capital managing partner Mark Clare.

“Atlassian today has an $57bn market cap, while the 15 largest ASX technology companies have an $62bn combined market cap.”

Clare Capital does point out that it used the Capital IQ definition of “information technology” to produce the comparison. Other analysts may disagree with that definition.

But the chart makes the point how much of a monster Atlassian is, and why it swims around in the big pond in the US.

And how the most successful tech companies in the ASX still have a long way to go before they reach the scale of NASDAQ players.

Clare said the numbers were a tribute to Australia’s tech sector.

“Here in New Zealand we are proud of the local technology market. These numbers do, however, show the growing scale of what is being achieved in Australia,” he said.

“Respect for the value growth that has been achieved.”

Atlassian produces software development and project management tools. University mates Mike Cannon-Brookes and Scott Farquhar founded the Sydney company in 2002.  

The company listed on the NASDAQ in December 2015, and its co-founders came 5th and 6th on the 2019 Australian Financial Review (AFR) Rich List.

More reading

• New Hope (ASX:NHC) share price sinks lower on FY 2020 results
• Bubs (ASX:BUB) share price lower on share purchase plan delay
• Share, commodity and cryptocurrency markets fall overnight
• 2 ASX shares to buy today for house price rise
• New ASX tech company warns customers it can’t cope

Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Atlassian. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Bubs Australia Ltd (ASX: BUB) share price has continued its decline and is trading lower again on Tuesday.

At the time of writing the infant formula and baby food company’s shares are down 0.5% to 78.5 cents.

This decline means the Bubs share price is now down 43% from its 52-week high.

Why is the Bubs share price under pressure?

The Bubs share price has come under pressure this morning following the release of an update on the retail component of the capital raising it announced with its full year results in August.

Bubs launched yet another dilutive capital raising last month to fund the acquisition of an ownership interest in a Beingmate manufacturing facility in Beihai China and to support its SAMR application for China-made Bubs Infant Formula products.

Given the difficulty of gaining approval to enter the lucrative China market from outside it, Bubs decided that it may have more success if it manufactures its products within it.

The company’s institutional placement was a smooth affair, with the company successfully raising $28.3 million at 80 cents per share.

However, its attempts to raise up to a further $11.7 million via a share purchase plan (SPP) haven’t gone to plan.

What did Bubs announce?

This morning the company advised that it would be extending the closing date of the SPP by two weeks from 23 September to 7 October.

It explained: “Due to delays being experienced with Australia Post deliveries during COVID-19 and feedback received from shareholders, the closing date for the SPP will be extended by a period of two weeks.”

This appears to be an indication that demand for the SPP has been subdued. Though, if this is the case, I wouldn’t imagine it is due to delays with the mail. Rather, I suspect it is because the Bubs share price has been trading below the SPP price of 80 cents for much of the last two weeks.

Management may be hoping that the Bubs share price gets a boost between now and 7 October to make the offer more attractive to retail shareholders. Because if Bubs fails to raise the funds, its growth plans will have to be scaled back accordingly.

More reading

• This week I’d buy Bubs (ASX:BUB) at today’s share price
• Where I’d invest $20,000 into ASX shares right now
• 3 ASX growth shares I’d buy right now
• Where I’d invest $20,000 into ASX shares right now
• 3 small cap ASX shares I’d buy with $3,000 right now

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended BUBS AUST FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Last night’s US trading sessions saw multiple markets move lower simultaneously, presenting a red flag for the ASX this morning.

The volatile session saw multiple markets move lower overnight, triggering concerns that a wider selloff might be on our doorstep.

US markets

The S&P 500 Index (SP: .INX) lost as much as 2.8% in intraday trade, before recovering a little toward the end of the session. The overall loss after the late recovery sits at 1.29%, down around 40 points. This is a little less of a blow than the start of the session, however still low enough to cause concern with US investors.

Commodities

Commodity markets were also caught in the storm, particularly gold and silver.

The price of gold fell as much as 3.5% in intraday trade, however, like the US stock market, pulled back toward the end. The net loss at the end of the session was 2.05%. However, this is still a significant move for the precious metal, meaning that its price went from US$1,950 down to US$1,911 per ounce in a single session. At one point, the price reached as low as US$1,882 per ounce.

Silver fared far worse that its higher priced cousin, falling as much as 11.5% during trade. This is a significant blow to the silver price, which is now trading at only US$25 per ounce. Silver investors have enjoyed rapid growth in the price recently, as the precious metal reached highs of almost US$30 per ounce only a few short weeks ago.

Cryptocurrency

The price of bitcoin plummeted during last night’s activity. As the digital currency often moves in correlation with the gold and silver markets, this was not a surprise. However, it was still a blow to investors, with the price falling as much as 5.8% during the session. This leaves the price of bitcoin this morning at US$10,450, down from almost US $11,000 the previous day. 

More broadly, the entire cryptocurrency market saw wide selloffs, losing close to a staggering US$20 billion overnight. It’s a big blow for the market which only recently had begun to recover from the falls on 3 September. Early in the month, a huge selloff saw the market lose a massive US$60 billion over 2 days.

Australian market – ASX

Locally, we are expecting a drop in the market this morning, following the volatile session last night.

While the S&P/ASX 200 Index (ASX: XJO) closed at 5,822 points yesterday in Monday’s trade, futures indicate a lower open today. Contracts such as the Australian 200 AUD contract (OANDA: AU200AUD) fell as much as 60 points overnight. Currently, futures are pointing at the 5,780 point mark as the market opens today, meaning a down gap of around 40 points could present.

Foolish takeaway

It’s a rocky start to the week after a small loss yesterday on the ASX. Right now, it’s watch and wait for most Australian investors. Today will show whether we will see further declines or whether the market will see some short term stability in an attempt to find it’s feet. 

More reading

• Can the Harvey Norman (ASX:HVN) share price maintain its momentum?
• Up 79% this year, is the NextDC (ASX:NXT) share price the next Afterpay (ASX:APT)?
• Macquarie says ASX value shares will outperform growth stocks from here
• ASX 200 drops another 0.8%, Magellan (ASX:MFG) reveals a large investment
• 2 reliable blue chip ASX 200 shares to buy today

Motley Fool contributor glennleese has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Commonwealth Bank of Australia (ASX: CBA) recently reviewed its forecast for house prices. Instead of the potential for up to 30% falls in residential house prices, the bank believes there will be a recovery in the second half of 2021. This means that ASX shares which have been sold down, are likely to see renewed interest over the next 6 months. I think this is pretty exciting and gives investors a chance to be in on the ground floor as prices rise.

Interestingly, CommBank has an empirical track record for accuracy.

ASX shares for communities

Stockland Corporation Ltd (ASX: SGP) is the glaring choice for best value ASX share in residential real estate. With a market cap of $8.6 billion, Stockland has a development pipeline of 76,000 lots of residential real estate. The company estimates this has an end market value of $21.4 billion.

Only 52% of these lots have been settled. However, the company has reported a level of pent up demand. Moreover, it has reported that since mid-May, residential real estate demand has recovered to above pre-COVID levels.

At the time of writing Stockland has a price to earnings ratio (P/E) of 13.14. It also has a trailing 12 month (TTM) dividend yield of 6.6%. The company is still down in year to date trading by 21.6%. Its share price has remained depressed due to the uncertainty in the housing market. I think this is a great entry point for this ASX share.

Residential houses and apartments

Another ASX share, Mirvac Group (ASX: MGR) has an an estimated value of $18.8 billion of residential real estate in progress, with a further $2 billion planned. According to the company’s H1 Analyst toolkit, it has only settled 37% of these houses. As with Stockland, the company posted disappointing FY20 results, including a drop in net profit after tax of 45%. However, this is to be expected considering most of the country was in lockdown from March to May, and into June.

Right now, Mirvac is selling at a P/E of 14.52, with a TTM dividend yield of 4.42%. This is another well-managed company that has been oversold on uncertainty, with a window of opportunity ahead of it. 

Foolish Takeaway

Both Stockland and Mirvac are great large cap ASX shares with a track record of delivering results. Stockland in particular is selling at a cheaper price, as compared to earnings, than it has done for the past 5 years. In addition, both pay solid dividends and have an existing pipeline of work ready to sell as conditions improve.

More reading

• CBA, Macquarie face new $167m dirty cash allegations
• ASX 200 Weekly Wrap: ASX 200 snaps 4 week losing streak… just
• Negative rates may be coming to a big four ASX bank near you
• ASX 200 down 0.8%: Fortescue (ASX:FMG) tumbles, Afterpay (ASX:APT) sinks lower
• ASX 200 up 0.7%: Afterpay (ASX:APT) higher, QBE Insurance (ASX:QBE) lower on UK update

Motley Fool contributor Daryl Mather has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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It only listed a week ago, but Access Innovation Holdings Ltd (ASX: AIM) has hit a hurdle.

The captioning tech and services provider, better known as AI-Media, sent a memo Monday to its customers that it’s struggling with the workload.

“While we continue to strive for 100% coverage, it has become quite challenging to cover all events, especially those with short turn-around times,” the memo read.

“If you’re planning to use our live enterprise services, please let us know with as much notice as possible and we will do our best to meet your needs.”

As a workaround, the memo suggested clients consider retrospectively captioning from a recording of the event or its transcription service as “high-quality alternatives”.

The new public company also stated it was training “a number of new captioners” and upgrading its technology.

“We really appreciate your patience during this time,” stated the memo.

“Please know that we understand the importance of your work and we are doing our best to meet the needs expressed.”

AI-Media did not respond to The Motley Fool’s request for comment in time.

AI-Media listed on the ASX last Tuesday with a market capitalisation of $177.4 million and an initial share price of $1.23. It was down 2.96% Monday, to sit at $1.31 after the close of trade.

What does AI-Media do?

Alex Jones, who was born deaf, identified the need for better captioning technology. He teamed with Tony Abrahams in 2003 to establish AI-Media.

Abrahams is still at the helm as chief executive officer. 

More than $50 million has been invested since 2009 into its main product – a cloud-based artificial intelligence platform.

The tech is combined with human captioners, transcribers and translators to provide the end result to customers.

“Using a combination of machine and human curation provides levels of accuracy that are greater than machines alone,” the prospectus read.

“This level of accuracy is a requirement to service AI-Media’s enterprise customers.”

AI-Media reported pro-forma revenue of $37.9 million for the 2020 financial year, while posting a $8.6 million net loss after tax. 

It forecasts a loss of $5.8 million for the 2021 financial year.

More reading

• Why ASX IPOs are almost always dangerous for new investors
• Access Innovation (ASX:AIM) share price rockets 23% higher on ASX debut
• ASX welcomes $180 million tech player on Tuesday

Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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