The Bravura Solutions Ltd (ASX: BVS) share price is sinking today after the company announced mixed results for FY22.

At the time of writing, shares in the wealth management software company are down 8.41% to $1.47 each.

Let’s go over the report’s highlights.

Bravura Solutions share price falls as earnings slump

• Group revenue up 10% year over year (yoy) to $266.7 million
• Group earnings before interest, taxes, depreciation and amortisation (EBITDA) down 8% yoy to $45.3 million
• Net profit after tax (NPAT) down 14% yoy to $29.99 million
• Net assets per ordinary security of 134.8 cents
• Earnings per share (EPS) down 14% to 12.1 cents per share (cps)
• Unfranked dividend of 3.2 cps

Bravura notes that its operations suffered “unprecedented macroeconomic challenges caused by the COVID-19 pandemic”. These were said to have affected investors’ outlook for making long-term investments, affecting its top and bottom lines, driving up wage costs, and causing disruptions.

A slowdown in rolling out its software projects was also observed due to the virus.

Other highlights from the year were that it successfully integrated its FinoComp and Delta acquisitions into its operations.

The unfranked dividend of 3.2 cps has a record date of 5 September and a payment date of 29 September.

What else happened in FY22?

In terms of the company’s operating segments, wealth management revenue grew 6% and fund administration revenue grew 17%. Contracted recurring revenues also grew during the same period, growing 8% to $142.1 million.

Bravura also invested substantially into research and development (R&D) during the period with a $21.2 million investment. These funds were primarily used to develop its Sonata Alta wealth management software built to be used by Australian super funds.

Two major corporate changes occurred during the year, including appointing Libby Roy as the new chief executive officer and Brent Henley as chief financial officer.

What did management say?

Bravura Solutions chief executive officer Libby Roy said:

The long-term nature of Bravura’s client relationships, our high proportion and continued growth of recurring revenue and our strategic acquisitions helped us return to revenue growth in FY22.

In FY22, Bravura’s financial results reflected revenue growth of 10%, offset by increased operating costs in a challenging technology labour market.

Group EBITDA was down 8% to A$45.3m, compared to A$49.3m in FY21. The EBITDA result was driven by continued wage pressure driven by resource shortages and the global resource mix, staff attrition and investment in key delivery resources across APAC and EMEA. This resulted in the EBITDA Margin of 17% (20% in FY21).

What’s next?

For FY23 and beyond, Bravura will continue to work on its flagship Sonata product to deliver business process as a service (BPaaS) offers to its key customers. The company also notes it has a strong sales pipeline for its Sonata offering to increase its growth in the future.

Besides that, the company plans to increase its number of partnerships with its client base, allowing for more cross-selling and upselling opportunities.

“Funds Administration represents 36% of Bravura’s revenue and we will continue to explore opportunities for expansion,” Roy said.

A further focus on transitioning its products to the cloud is underway.

Bravura Solutions share price snapshot

The Bravura Solutions share price is down 40% year to date and 52% in the past 12 months. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is down around 8% and 7%, respectively, over the same periods.

Bravura has a market capitalisation of $398.61 million.

The post Bravura Solutions share price slides 8% amid profit downfall appeared first on The Motley Fool Australia.

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• Why is the PointsBet share price rising on Tuesday?
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• Link share price marching higher on revenue boost

Motley Fool contributor Matthew Farley has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bravura Solutions Ltd. The Motley Fool Australia has positions in and has recommended Bravura Solutions Ltd. 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 SILK Laser Australia Ltd (ASX: SLA) share price is soaring after the company posted its earnings for financial year 2022 (FY22).

The stock opened 3% higher at $2.68 before surging higher.

At the time of writing, the SILK Laser share price is $2.71, 4.23% higher than its previous close.

SILK Laser share price gains as revenue lifts 38%

Here are the key takeaways from the specialist non-surgical aesthetics clinic networks’ FY22 earnings:

• Network cash sales reached $162.7 million – 91% higher than that of the prior corresponding period (pcp)
• Revenue lifted 38% to $81.3 million
• Adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 27% to $22 million
• Net profit after tax (NPAT) lifted 24% to $6.4 million
• Ended the period with 127 clinics – more than double what it had at the end of the pcp

SILK Laser beat its initial public offering (IPO) EBITDA guidance by 10% in FY22.

The company’s cash sales surged 91% last financial year. Though, its like-for-like sales remained flat, maintaining the 52% growth in like-for-like sales achieved the prior year.

The company’s client base grew to 1.4 million customers in FY22, with most booking multiple treatments per appointment. Average customer spend was $661. Its own skincare brands also continued to expand online sales.

SILK Laser closed FY22 with $18.6 million of cash and net debt of $3.8 million.

What else happened in FY22?

The company acquired Australian Skin Clinics and The Cosmetic Clinic in September for $47 million. The businesses’ initial integration has now been completed.

Last financial year also marked the first full fiscal year in which the company operated as a listed entity, having floated on the ASX in December 2020. SILK Laser shares are currently trading for 21% less than their IPO offer price of $3.45.

What did management say?

SILK Laser co-founder and managing director Martin Perelman commented on the company’s earnings, saying:

After operating in challenging market conditions this past year, I’m so proud at how hard the SILK team has worked to deliver these robust financial results.

We continue to execute against SILK’s growth strategy outlined at the time of our IPO, beating EBITDA guidance by 10% while diversifying our service mix with Injectables and Body proving to be our key growth drivers.

What’s next?

The company hasn’t provided any new earnings guidance today. Though, it did post a trading update.

Over the period between 1 July and 28 August, its like-for-like sales grew 5% on that of the pcp, with service mix continuing to skew towards injectables. It also implemented strategic price increases to mitigate the cost of inflation with no reduction in transaction volume recorded.

The company’s growth strategy remains in line with its IPO plan which is expected to see it boasting 150 clinics. It’s also evaluating organic growth and merger and acquisition opportunities, including clinic buybacks.

Finally, its investing in upgraded corporate systems, with a total estimated project spend of $2.5 million for FY23.

SILK Laser share price snapshot

It’s been a rough year for the SILK Laser share price.

It has fallen 36% since the start of 2022. It’s also 31% lower than it was this time last year.

For context, the All Ordinaries Index (ASX: XAO) has dumped 9% year to date and 7% over the last 12 months.

The post SILK Laser share price surges as FY22 earnings beat guidance appeared first on The Motley Fool Australia.

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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 recommended SILK Laser Australia Limited. 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 Scott Phillips.

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The Airtasker Ltd (ASX: ART) share price is falling today amid the company’s FY22 results.

Shares in the online outsourcing marketplace are currently trading at 41.5 cents, a 4.6% fall. For perspective, the S&P/ASX 200 Index (ASX: XJO) is up 0.47% at the time of writing.

Let’s take a look at what the company reported to the market today.

Airtasker results highlights

Highlights of Airtasker’s FY22 presentation include:

• Underlying pro forma EBITDA loss of $14.4 million, up from $1.1 million loss in FY21
• Underlying pro forma net loss after tax of $17.8 million, up from a $3.4 million loss in FY21
• Revenue lifted 18.4% on the previous financial year to $31.5 million
• Gross profit after paid acquisitions of $24.8 million, up from $23.2 million in FY21
• Gross marketplace volume (GMV) lifted 23.8% to $189.6 million

What else did the company report?

COVID-19 government restrictions in Australia impacted Airtasker in the first five months of the financial year.

In quarter four, revenue lifted 30.6% on the prior corresponding period (pcp) to $9 million. Management highlighted the fourth quarter is a better reflection of underlying business performance, given the lockdown in earlier months. Quarter four GMV lifted 38.3% on the pcp to $54.4 million.

Expenses were higher due to investment in “new growth markets” — the US and UK — and marketing and product investment.

On a positive note, the Australian marketplace achieved earnings before interest, tax, depreciation, and amortisation (EBITDA) of $19.4 million.

Airtasker said it has a “strong balance sheet” with $31.8 million in cash and equity receivables with no debt.

International GMV lifted 120.5% on the previous year to a monthly annualised run rate (ARR) of $9.5 million in May 22.

Airtasker completed the acquisition of Oneflare on 25 May 2022.

Management comment

Commenting on the results, Airtasker CEO and co-founder Tim Fung said:

I’d like to thank the entire Airtasker team and community for their incredible efforts in FY22, which delivered strong GMV growth up 23.8% year-on-year and a sharp acceleration in international GMV growth up more than 120% on pcp.

With $31.8m of cash and equity receivables and a business model which could accelerate in an inflationary environment – we’re looking forward to FY23.

Airtasker share price snapshot

The Airtasker share price has dropped 57% in the past year, while it has lost 50% year to date.

However, in the past month, Airtasker shares have lifted 10%.

For perspective, the benchmark ASX 200 Index has lost 7% in the past year and 6% year to date.

The post Airtasker share price slides 5% on net loss appeared first on The Motley Fool Australia.

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Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Airtasker Limited. 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 Scott Phillips.

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The PointsBet Holdings Ltd (ASX: PBH) share price is 3.6% into the green on Tuesday after the online bookmaker released a company update. The PointsBet share price is $3.295 at the time of writing.

Let’s take a look at the details.

PointsBet share price up after Kansas operations approved

PointsBet has announced that it’s got the go-ahead to start operations in Kansas in the United States.

The company said the Kansas Racing and Gaming Commission has given it provisional certification to commence sportsbook operations on 1 September.

The approval is still subject to a final launch authorisation.

Sports betting legislation in Kansas was only passed in May. It allows both online and retail betting to start with a soft launch on 1 September. The official launch is on 8 September. This coincides with the first game of the National Football League (NFL) season.

PointsBet is gaining access to the Kansas market via a ‘primary skin’ agreement with Kansas Crossing Casino. The casino and hotel are located within a four-state border area incorporating Oklahoma, Missouri, and Arkansas.

The Kansas operation will be the eleventh for PointsBet in the US. It’s already up and running in New Jersey, Iowa, Indiana, Illinois, Colorado, Michigan, West Virginia, Virginia, New York, and Pennsylvania.

What did management say?

PointsBet Group CEO and managing director Sam Swanell said:

We are excited to be launching on the starting line and having our outstanding sportsbook
product available to the people of Kansas from day one.

With NFL season kicking off on September 9 the timing is perfect to showcase our NFL in-play betting capabilities in particular.

What’s next for the PointsBet share price?

It’s been a horrible year for PointsBet with its share price down 53% year to date. But there is hope on the horizon, according to broker Bell Potter.

As my Fool colleague, James reported last week, the broker has a $5.25 price target on PointsBet shares. A price target is where a broker thinks the share price will be in 12 months’ time.

This implies a potential 60% upside for ASX investors.

The broker is retaining a speculative buy rating on the stock.

The post Why is the PointsBet share price rising on Tuesday? appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. 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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Evolution Mining Ltd (ASX: EVN) shareholders might be wondering why the share price is losing ground today.

The gold miner posted its full-year results on 18 August, reporting a mixed performance across key financial metrics.

Subsequently, the board elected to slash its final dividend by 40% to 3 cents per share.

At the time of writing, the Evolution Mining share price is down 1.48% to $2.335 apiece. That means it has slipped by 13% since the release of the FY 2022 results.

Let’s take a look below at why its shares are falling during morning trade.

What’s weighing down Evolution Mining?

Following the release of the company’s FY 2022 results, investors are offloading Evolution Mining shares as they go ex-dividend today.

The ex-dividend date is particularly important as it determines which shareholders will receive the company’s latest dividend.

If you held Evolution shares at yesterday’s market close, you will be eligible for the fully franked final dividend.

Typically, when a company’s shares trade ex-dividend, the share price tends to fall in proportion to the dividend paid out. However, this can vary depending on how the market is tracking for the day as well as investor sentiment.

For those eligible for Evolution’s final dividend, you’ll will receive a payment on 30 September.

This brings the total dividend for FY 2022 to 6 cents per share, reflecting a 50% reduction from the 12 cents per share declared in the prior corresponding year.

The company’s dividend policy is, whenever possible, to pay a dividend based on group cash flow generated during a year. The policy is targeting a payout ratio of around 50% of cash flow per annum.

Furthermore, the dividend reinvestment plan (DRP) remains suspended with no indication from the board when it will return.

Evolution Mining share price summary

In 2022, the Evolution Mining share price has come under strong selling pressure as the price of gold continues to retreat. Its shares are down 43% year-to-date.

In comparison, the S&P/ASX 200 Resources (ASX: XJR) sector has travelled the other way, up 7% over the same period.

Based on today’s price, Evolution commands a market capitalisation of approximately $4.59 billion and has a dividend yield of 3.20%.

The post Why is the Evolution Mining share price on the rocks today? 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 Scott Phillips.

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The Link Administration Holdings Ltd (ASX: LNK) share price is up 0.93% in early trade.

Links shares closed yesterday at $4.32 a share and are currently trading for $4.36 each.

This comes after the company, which provides administration services to the financial services sector, released its full-year results for the 12 months ending 30 June (FY22).

Here are the highlights.

Link share price lifts on revenue growth

• Revenue of $1.18 billion, up 1.3% from FY21
• Operating earnings before interest, taxes, depreciation and amortisation (EBITDA) of $252.3 million, down 2% from the prior year
• Statutory net loss after tax of $67.6 million, down from a $162.7 million net loss in FY21
• Operating net profit after tax and amortisation (NPATA) of $121.3 million, up 7% year on year
• Net debt of $687.9 million, and leverage ratio (net debt/EBITDA) at 2.6 times, in the middle of the guidance range of 2.0 times to 3.0 times.

What else happened during the year?

Link explained the divergence from its NPATA of $66.2 million (down 11% from the prior year) and its operating NPATA (up 7%) is because the company’s FY21 earnings have been restated as a result of revised tax accounting within PEXA.

The company also highlighted the 8.8% year on year increase in operating EBIT, to $153.9 million.

Link also reported 10% growth of its customer base, administering more than 10 million superannuation and pension accounts across Australia, New Zealand, and the UK, and connecting more than 100 million people with their assets around the world.

And its Global Transformation Program (GTP) delivered $77.9 million of gross annualised cost saving, beating the goal of $75.0 million in savings.

Perhaps the biggest news, and one likely supporting the Link share price today, came after the end of the financial year. Namely that on 22 August, shareholders voted in favour of Link’s proposed acquisition by Dye & Durham Corporation, which values Link at $4.81 per share.

What did management say?

Commenting on the results that are seeing the Link share price edging higher today, CEO Vivek Bhatia said:

Link Group has delivered on its upgraded FY 2022 guidance announced on 11 July 2022. The last two years have seen a high level of corporate activity for Link Group in addition to the global pandemic and market volatility associated with higher inflation and higher interest rates.

Despite these challenging and potentially distracting factors, it has been pleasing to see the resilience of our people and performance of our core businesses which are reflected in today’s results.

What’s next?

In FY23, Link forecasts revenue to increase “by a low single-digit percentage”.

The company is expecting an 8% to 10% lift in operating EBITDA and a 10% to 12% increase in operating EBIT.

“The operating environment remains challenging with cost pressures from higher inflation, higher interest rates, challenging employment conditions and increased market volatility,” Bhatia said. “We are confident that our businesses provide the diversity and resilience required to navigate these conditions.”

Link share price snapshot

The Link share price is down 1% over the past 12 months. That compares to a 7% full-year loss posted by the S&P/ASX 200 Index (ASX: XJO).

The post Link share price marching higher on revenue boost appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Link Administration Holdings 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 Scott Phillips.

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The Healius Ltd (ASX: HLS) share price is experiencing a healthy rise this morning after the healthcare company handed in its FY22 results.

While the S&P/ASX 200 Index (ASX: XJO) has climbed 0.3% in early morning trade, the Healius share price is outperforming the market with a 1.4% gain.

Healius share price rises on healthy profit boost 

Here are some of the headline results from Healius’ full-year FY22 report:

• Revenue came in at $2.34 billion – up 23% compared to the prior corresponding period of FY21
• Underlying earnings before interest and tax (EBIT) jumped 85% to $492 million
• Underlying net profit after tax (NPAT) shot up 108% to $309 million
• A fully franked final dividend of 6 cents was declared – slightly down from the prior period but for the full year, total dividends lifted by 21%

Impressively, Healius’ underlying EBIT margins improved from 13.9% in FY21 to 21.1% in FY22.

This was underpinned by progress in the company’s sustainable improvement program, with nearly half of its phase two initiatives complete.

Even still, the company’s result on the bottom line fell short of Citi’s forecast, with analysts expecting NPAT of $316 million.

What else happened in FY22?

During the year, Healius successfully scaled its operations to satisfy an upswing in COVID-related demand.

The company conducted extensive COVID testing from July 2021 to January 2022. This contributed to a 40% rise in pathology episodes across the year.

From there, screening cooled down as the Omicron variant became endemic in the population.

Healius also provided critical non-COVID pathology testing, maintaining its market share in FY22.

Meanwhile, the company continued to deliver its imaging and day hospital services. However, throughout the year these were impacted by lockdowns, elective surgery restrictions, and COVID-related cancellations.

While Healius’ dividend increase in FY22 lagged profit growth, the company returned around $140 million to shareholders through an on-market share buyback. 

Healius also completed two acquisitions during the year. In July 2021, it purchased Axis Diagnostics, a Queensland-based imaging business with three radiology practices.

Then, in December 2021, it made a ~$300 million acquisition of Agilex Biolabs, a leading bioanalytical laboratory. At the time, the Healius share price bounced around as the reaction to the acquisition was mixed.

What did management say?

Commenting on the results, Healius CEO Dr Malcolm Parmenter said:

We have emerged from a period of intense COVID-19 screening with a strong balance sheet, higher free cash flows and good returns to our shareholders. 

We are also a far better company than we were before COVID-19 due to the actions of the Healius team.

We have a simplified portfolio, more competitive networks including a more profitable ACC footprint, broader growth options and far more firepower for delivering this growth.

What’s next?

Healius refrained from providing FY23 guidance, citing the unpredictability of COVID and the timing of the acceleration in underlying diagnostics.

Nonetheless, commenting on market conditions, Healius said it expects broad demand for non-COVID services to return. 

The company noted that the underlying drivers in both pathology and imaging remain strong. These drivers include an ageing population with greater longevity but more complex health issues.

The company is also expecting a period of catch-up for the backlog in routine care. However, the timing is uncertain while COVID remains endemic.

Healius share price snapshot

The Healius share price initially emerged as a COVID beneficiary but ran out of puff at the end of last year.

The Healius share price has suffered a 27% fall so far this year. But it’s up by the same amount since the beginning of 2020.

The post Healius share price climbs as profit doubles in FY22 appeared first on The Motley Fool Australia.

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More reading

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Motley Fool contributor Cathryn Goh 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 Scott Phillips.

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A new month is upon us, so what better time to look for new portfolio additions.

If you’re interested in exchange traded funds (ETFs), then the three listed below could be worth getting better acquainted with.

Here’s what you need to know about these ETFs:

BetaShares Global Energy Companies ETF (ASX: FUEL)

With oil prices at high levels and supply likely to remain tight for a while to come due to the blacklisting of Russian oil and potential OPEC cuts, energy producers look set to generate big profits in the near term. This could make the BetaShares Global Energy Companies ETF a great option for investors that aren’t keen on stock picking in the energy sector. That’s because this ETF provides investors with easy access to many of the largest energy producers in the world. This includes the likes of BP, Chevron, ExxonMobil, and Royal Dutch Shell.

iShares S&P 500 ETF (ASX: IVV)

If you’re looking for an easy way to diversify your portfolio in September then you might want to consider the iShares S&P 500 ETF. This popular ETF gives investors access to 500 of the top listed U.S. companies through a single investment. This means that you’ll be buying a slice of companies such as Amazon, Apple, Disney, Facebook, JP Morgan, Johnson & Johnson, Microsoft, Tesla, and Visa.

VanEck Vectors Video Gaming and eSports ETF (ASX: ESPO)

Finally, if you’re bullish on the video gaming industry then you might want to look at the VanEck Vectors Video Gaming and eSports ETF. That’s because this ETF gives investors exposure to the leading companies in the growing video game market. Among the shares included in the fund are hardware giant Nvidia and game developers Electronic Arts, Nintendo, Roblox, Take-Two, and Tencent.

The post 3 quality ETFs for ASX investors in September appeared first on The Motley Fool Australia.

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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 positions in and has recommended BetaShares Global Energy Companies ETF – Currency Hedged. The Motley Fool Australia has recommended VanEck Vectors ETF Trust – VanEck Vectors Video Gaming and eSports ETF and iShares Trust – iShares Core S&P 500 ETF. 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 IGO Ltd (ASX: IGO) share price is in the green in early morning trading after the company posted its fourth consecutive year of record underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) in FY22.

The first-year contribution from its lithium joint venture (JV) and a strong performance from its Nova nickel project were key contributors to the results.

At the time of writing, the battery minerals miner’s shares are up 1.18% to $12.82 apiece.

Let’s take a look at IGO’s results for FY22.

IGO share price climbs as revenue, earnings soar

Highlights of IGO’s FY22 financial results include:

• Revenue of $903 million, up 34% year over year (yoy)
• Record underlying EBITDA of $717 million, up 51% yoy
• Strong first-year contribution from the lithium JV, Tianqi Lithium Energy Australia Pty Ltd (TLEA), delivering IGO a share of net profit of $177 million and an inaugural dividend payment of $71 million
• Net profit after tax (NPAT) of $331 million, down 40% yoy due to a tax charge on the sale of its Tropicana asset
• Cash on balance sheet of $367 million and $900 million in new debt facilities following the acquisition of Western Areas
• Declared a final fully franked dividend of 5 cents per share (cps)

What else did IGO report?

The miner’s move to expand its exposure to battery-making minerals has kept the IGO share price well supported.

To that end, investors will be pleased to hear that its Nova nickel production achieved a better than guided cash costs of $1.95 per payable pound of nickel. Output was within guidance at 26,675 tonnes.

The profit contribution from TLEA was also above what management was forecasting. The successful commissioning of the first train at the Kwinana Lithium Hydroxide Refinery is another highlight. The refinery produced its first battery-grade lithium hydroxide in May 2022.

Additionally, IGO completed the strategic acquisition of Western Areas on 20 June 2022, delivering an expanded portfolio of nickel assets.

IGO also declared a fully franked final dividend of 5 cps, bringing the full-year dividend to 10 cps.

This is the same as the full-year dividend declared in FY21. However, last year’s result included a final dividend of 10 cps and no interim payout.

What did management say?

Commenting on the results, IGO managing director Peter Bradford said:

Our Nova Operation continued to deliver consistent production and, with the benefit of higher commodity prices, delivered record financial outcomes across all key financial metrics.

[TLEA] saw significant activity and growth during the year, with commissioning of two new concentrators at Greenbushes resulting in the delivery of record operating and financial results for Greenbushes in FY22.

The lithium business contributed A$177M of net profit and A$71M of dividends to IGO in the first year of our ownership, which far exceeds our expectations at the time of commitment to the investment, primarily due to the subsequent astronomical growth in spodumene prices.

Our high-quality nickel and lithium businesses, combined with our portfolio of belt scale exploration projects focused on discovery of nickel, copper, lithium and rare earths, gives IGO a great platform to leverage off the growing demand for clean energy metals that are needed to meet the transition away from fossil fuels.

What’s next?

IGO expects to produce between 34,500 and 39,500 tonnes of nickel in FY23 at a cash cost of $4.10 to $4,70 a pound.

Spodumene production at Greenbushes is forecast at 1.35 to 1.45 million tonnes, with cost of goods sold (excluding royalties) to range between $225 and $275 a tonne.

The miner is also guiding to produce 900 to 1,000 tonnes of cobalt and 11,000 to 12,000 tonnes of copper.

IGO share price snapshot

The IGO share price has outperformed the market over the past year. The miner has gained 35% since this time last year while the S&P/ASX 200 Index (ASX: XJO) has lost 7%.

Other ASX lithium shares have also been outrunning the market. The Allkem Ltd (ASX: AKE) share price and Pilbara Minerals Ltd (ASX: PLS) share price have surged around 60% each over the period.

The post IGO share price moves higher on record earnings appeared first on The Motley Fool Australia.

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Motley Fool contributor Brendon Lau has positions in Allkem Limited and Independence Group NL. 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 Scott Phillips.

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The Woodside Energy Group Ltd (ASX: WDS) share price opened 3.2% higher at $36.50 after the oil and gas giant released its FY22 half-year earnings.

Currently, Woodside shares are trading at $36.02 apiece, up 1.9%.

The company has tripled its interim dividend from 30 US cents a share in 1H FY21 to US$1.09 in 1H FY22. On today’s exchange rate, this translates to A$1.58 a share to be paid on 6 October.

The dividend bump follows a massive profit surge, in part due to the merger with the petroleum business of BHP Group Ltd (ASX: BHP).

Let’s take a look.

What did Woodside report?

The key metrics in Woodside’s results are as follows:

• Net profit after tax (NPAT) US$1.64 billion, up 417% on the prior corresponding period (pcp)
• Underlying NPAT US$1.82 billion, up 414% pcp
• Earnings before interest, tax, depreciation, and amortisation (EBITDA) US$3.97 billion, up 165% pcp
• Earnings before interest and tax (EBIT) US$2.98 billion, up 380% pcp
• Free cash flow US$2.57 billion, up 688% pcp
• Operating revenue US$5.81 billion, up 132% pcp
• Production of 54.9 million barrels of oil equivalent (boe), up 19% pcp
• Combined realised price of US$96.4 per boe, up 116% pcp
• Unit production cost US$7.20 per boe, up 47% pcp.

Woodside said the half-year profit surge reflects “strong operational performance, higher realised prices and contribution from the BHPP assets”.

According to reporting in The Australian, analyst consensus estimates were core NPAT of $US1.8 billion, revenue of $US5.8 billion, and EBIT of $US2.6 billion.

Citi had forecast a core NPAT of $US1.7 billion, EBITDAX of $US4 billion, and a dividend of US$1.04.

What else happened in 1H FY22?

On 1 June, Woodside completed its merger with BHP Petroleum International Pty Ltd (BHPP).

Realised prices for Woodside’s oil and gas more than doubled to $96.4 per boe across the expanded portfolio. This included one month of production from the BHPP assets equating to 9.7 million boe.

Woodside’s chief financial officer Graham Tiver said the company now had “significant” operating and free cash flow and a “balance sheet positioned to support major project expenditure”.

The interim dividend is the largest interim dividend declared since 2014. The dividend payout ratio is 80% of Woodside’s NPAT for H1 FY22.

Woodside said the outlook for gas is “strong and sustained”.

The report said LNG markets are ” incentivising new global LNG projects as Europe replaces Russian gas”.

The report added: “Gaseous fuels remain critical to the energy transition with low-risk and reliable sources advantaged. Asian LNG demand [is] not expected to peak before mid-2040s.”

What did management say?

Woodside Energy CEO Meg O’Neill said:

Our first results since the completion of the merger with BHP’s petroleum business highlight the increased financial and operational strength delivered by our larger, geographically diverse portfolio of high-quality operating assets.

Production for the half year was 19% higher at 54.9 million barrels of oil equivalent, benefiting from the contribution in the month of June of the former BHP assets and improved reliability at our LNG facilities.

In particular, production from Pluto was increased by the start-up of Pyxis Hub and the commencement of gas flows through the Interconnector pipeline to Karratha Gas Plant.

This well-timed investment allowed us to supply three LNG cargoes, one condensate cargo and pipeline gas into a strong market, generating $419 million in revenue and delivering additional value to our shareholders.

What’s next?

O’Neill said:

The upheavals in global and Australian energy markets witnessed over the course of the past six months have shone a spotlight on the importance of gas in the world’s energy mix and underscores our confidence in the longer-term demand outlook for gas, which makes up 70% of Woodside’s portfolio.

Safe and reliable supplies of gas are not only critical to global energy security but will play a key role as our customers seek to decarbonise, alongside new energy sources such as hydrogen and ammonia that Woodside is investing in.

Our strategy to thrive through the energy transition as a low-cost, lower-carbon energy provider continues to progress through recently announced initiatives across hydrogen refuelling, carbon capture and storage and carbon to products technologies.

Woodside share price snapshot

Woodside shares are up 82% over the past 12 months. This outstanding performance from the ASX oil share contrasts with a decline of 7% in the S&P/ASX 200 Index (ASX: XJO).

The post Woodside share price lifts on 400% profit surge appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen has positions in BHP Billiton Limited and Woodside Petroleum Ltd. 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 Scott Phillips.

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