The Anson Resources Ltd (ASX: ASN) share price is taking off on news the Paradox Project’s reported lithium resource has been quadrupled.

The Anson Resources share price is 17 cents at the time of writing. That’s 17.24% higher than its previous close.

Let’s take a closer look at today’s news from the junior mineral resources company.

Anson Resources share price soars on lithium update

The Anson Resources share price is gaining on news the Paradox Lithium Project’s mineral resource has been significantly upgraded. On top of that, the project still houses plenty of potential for further expansions.

The project – located in Utah, USA – has been found to host 788,300 tonnes of lithium carbonate equivalent and 3.5 million tonnes of bromine, including:

• Indicated resource of 239,000 tonnes of lithium carbonate equivalent and 1.192 million tonnes of bromine
• Inferred resource of 549,300 tonnes of lithium carbonate equivalent and 2.331 million tonnes of bromine.

That represents a 324% increase in the project’s lithium resource, including a 248% lift in its bromine resource.

The latest upgrade will be added to the project’s definitive feasibility study, which will be released in the near future.

And the project still offers substantial potential for further mineral resource expansion.

That’s because its latest mineral resource was calculated from drilling and sampling conducted at the project’s Long Canyon No. 2 well. It doesn’t include drilling completed at the project’s Cane Creek 32-1 well or the company’s planned Western Expansion strategy, which will see it re-entering historic drill holes in the project’s western areas.

The results of such drilling are expected to be included in future mineral resource upgrades.

Today’s gain sees the Anson Resources share price 21% higher than it was at the start of 2022. It has also gained 112.5% since this time last year.

For context, the All Ordinaries Index (ASX: XAO) has slipped 8% year-to-date and 6% over the last 12 months.

The post Anson Resources share price surges 17% on lithium news 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 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 New Hope Corporation (ASX: NHC) share price is sliding today amid a quarterly activities report.

The coal producer’s share price is currently trading at $4.87, a 1.22% fall. In contrast, the S&P/ASX 200 Index (ASX: XJO) is down 0.74% today.

Let’s take a look at what New Hope reported to the market.

New Hope reports higher coal prices

Highlights of New Hope’s results include:

• Quarterly underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) of $645 million
• Unaudited final full-year EBITDA of $1.56 billion
• Quarterly ROM coal production lifted 29.1% on the previous quarter to 2.484 million tonnes
• Full-year coal production dropped 27.8% to 10.1 million tonnes
• Quarterly total coal sold lifted 0.3% on the previous quarter
• Yearly total coal sold fell 12.4% compared to FY21

What did the company report?

New Hope’s underlying EBITDA lifted in the quarter on the back of higher coal prices. The final unaudited underlying EBITDA of about $1.56 billion is considerably higher than the previous financial year.

In FY2021, New Hope reported an EBITDA of $367 million.

New Hope reported closing cash and cash equivalents of $815 million. This follows the $94.4 million investment in Malabar Resources and includes closing receivables of $504 million.

The company’s 80%-owned Bengalla operation was impacted by unfavourable weather in July and COVID-related labour shortages.

A loss of 15,186 truck hours was reported during the quarter. However, despite this, Bengalla lifted saleable coal production by 20% at these operations compared to the previous quarter. Sale volumes also lifted 5.2%.

New Hope said thermal coal prices hit record highs after the Russian invasion of Ukraine and amid global energy security concerns.

What else is going on?

New Hope is awaiting approvals from the Queensland government to secure New Acland stage three mining leases and a water licence for the company’s Queensland operations. The company is rehabilitating stage two mining areas while waiting on the outcome of this process.

The company is also working on a restart plan for its Queensland operations amid the “unprecedented coal demand”.

Since the end of the quarter, New Hope has received news that the Chuwar Coal Mine, 5km from Ipswich, is now fully rehabilitated. The Queensland government has accepted surrender of New Hope’s environmental authority and mining leases at the site.

Commenting on this news, New Hope said:

The rehabilitation work at both Chuwar and New Acland are a clear and practical demonstration of the successful co-existence of mining and agriculture.

New Hope share price snapshot

The New Hope share price has soared 154% in the past year, while it has risen 119% in a year to date.

For perspective, the benchmark ASX 200 index has lost nearly 6% in the past year.

New Hope has a market capitalisation of nearly $4.1 billion based on the current share price.

The post New Hope share price slides despite quarterly coal production boost 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 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 Southern Cross Media Group Ltd (ASX: SXL) share price is seeking direction today, initially posting a 1.8% gain and currently down 0.4%.

The All Ordinaries Index (ASX: XAO) is also in the red today, down 0.9% at this same time.

Shares in the ASX listed media provider closed on Friday trading at $1.17 and are now at $1.16. This comes as investors pore over the company’s full-year results for the 12 months ending 30 June (FY22).

Southern Cross Media share price wobbles despite dividend boost

• Revenue of $519.7 million, down 1.8% from FY21
• Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) of $87.9 million, up 2.8% year on year
• Underlying net profit after tax (NPAT) of $27.4 million, up 38.4% from the prior year
• Full-year dividends of 9.25 cents per share (cps), fully franked, up from 5.0 cps paid in FY21

(* Note, underlying expenses and underlying EBITDA exclude government grants received in FY21 and FY22, impairment charges of $179.4 million and $4.0 million of other significant items in FY22.)

What else happened during the year?

The Southern Cross Media share price should be getting some extra lift from the 4.75 cents fully franked final dividend the board declared. That represents 85% of NPAT (excluding significant items), coming in at the top of the company’s policy of paying dividends of 65% to 85% of NPAT.

As at 30 June, Southern Cross had net debt of $78.5 million, down from $52.6 million at the end of FY21. The media company reported leverage of 0.95 times EBITDA, noting that’s “well below” its covenant of 3.50 times.

FY22 saw a continuing recovery in all of its audio segments, with audio revenue of $392.9 million increasing 9.2% year on year.

Southern Cross Media also saw improved margins from its television segment in the wake of its affiliation switch from Nine to Network 10. Television’s underlying EBITDA margin rose from 17.6% to 23.7%.

A strategic review has now concluded shareholder value will be maximised by continuing to hold its television assets.

What did management say?

Commenting on the results, Southern Cross Media CEO, Grant Blackley said:

With a robust balance sheet and strong cashflow, we are continuing to invest for the future while returning funds to shareholders through fully franked dividends and our on-market share buy-back.

Commercial radio audiences in metro markets reached record levels in recent surveys. The total audience of 12 million recorded in GfK Survey 4 was the highest ever and a 7.6% jump over the prior year. SCA’s Hit and Triple M stations have led this rise as audiences return to entertainment and music formats.

With a nod to some headwinds over the year, Blackley added, “Local advertisers were directly affected by floods and supply chain issues resulting in lower levels of growth in local advertising.”

What’s next?

Looking ahead, Blackley said:

SCA has completed a five-year program to install digital operating infrastructure across all offices and every asset. This allows SCA to distribute our premium content from any location to audiences at a time and on a device on their choice…

Our investment in a fully owned and operated digital audio ecosystem, LiSTNR, also positions SCA to take a leading share of the rapidly expanding Australian digital audio market.

Southern Cross Media share price snapshot

The Southern Cross Media share price has struggled this year, down 40% since the opening bell of 4 January. By comparison, the All Ordinaries has lost 8% year-to-date.

The post Southern Cross Media share price wobbles despite 85% FY22 dividend 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 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 Dreadnought Resources Ltd (ASX: DRE) share price is spiking on Monday. It now trades at 11 cents apiece.

Investors have bid the share higher following a company announcement out of Dreadnought’s camp today.

The chart below shows returns for Dreadnought shares over the past 12 months.

What did the company announce?

Dreadnought advised that infill reverse circulation (RC) drilling at its Mangaroon Project in Western Australia has again intersected mineralised rare earth element (REE) ironstones.

Further studies indicate this trend extends more than 16kms in strike, with “significant growth potential
beyond the initial 3km of drilling,” it says.

The company’s managing director, Dean Tuck, said that “understanding of the petrophysical properties [at Mangaroon] has significantly improved,” following the drilling.

“We have also identified three new ironstone trends, including a possible link between Yin and Y3 and a new carbonatite target at C7,” he added.

“We look forward to receiving assay results from our new targets and to inspecting the remaining 100 targets in our database.”

Meanwhile, the company has already confirmed REE mineralisation at 22 of these inspected targets.

It had initially identified 140 anomalies prospective for REE mineralisation below surface following a detailed magnetic-radiometric survey. To date, only 40 of these have been mapped.

Dreadnought share price snapshot

In the past 12 months, the Dreadnought share price has spiked more than 162% into the green. Dreadnought shares have risen 115% in the last month alone.

The post Dreadnought share price leaps 5% on rare earths ‘significant growth potential’ appeared first on The Motley Fool Australia.

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Motley Fool contributor Zach Bristow 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 APA Group (ASX: APA) share price is once again in the red.

This time, it’s falling on news the CEO of the S&P/ASX 200 Index (ASX: XJO) energy infrastructure giant will step down as the company dumps its strategy to enter the US via acquisition after three years of scouring the market.

On top of that, APA provided a peek at its upcoming full-year earnings this morning.

The APA share price is currently $11.54, 1.2% lower than its previous close.

Let’s take a closer look at today’s news from the ASX 200 utilities company.

What’s weighing on the APA share price today?

APA results preview

The ASX 200 giant released some unaudited earnings for financial year 2022 today. Here are the key takeaways:

• Underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) of $1.69 billion – a 3.9% year-on-year improvement
• $1.08 billion of free cash flow – a 19.8% increase
• 53 cents per share of full-year dividends – meaning its final dividend will likely be 25 cents

The company plans to release its financial year 2022 earnings on Wednesday.

Late last week, APA announced it will recognise a $32 million impairment in its results. The APA share price fell 1.35% on the back of the news.

CEO steps down as US plans ditched

The APA share price is also trading lower on news the company’s CEO and managing director Rob Wheals will step down from the top job at the end of next month.

Wheals will leave the company in the hands of chief financial officer Adam Watson. He will step up as acting CEO while the company searches for a new leader.

Meanwhile, the role of chief financial officer will be temporarily filled by APA general manager of investor relations Kynwynn Strong.

Commenting on his resignation, Wheals said:

It has been an intense couple of years in the energy industry, made even more challenging with the overlay of the COVID-19 pandemic. This, together with the decision not to pursue an acquisition in the US, has led me to conclude that now is the right time to move on.

APA chair Michael Fraser thanked Wheals for his 14 years with the company, three of which were spent at the helm. Fraser also spoke of the company’s decision to ditch its US plans, saying:

We have been screening the US utilities market for over three years now and whilst there are clearly attractive aspects to that market, it also involves a number of risks and ongoing investment challenges.

APA’s core competencies and competitive advantages are in the Australian market and the focus of our strategy will be to maximise returns to security holders while pursuing the very significant investment opportunities arising from Australia’s transition to a low carbon future.

The post APA share price slips on CEO resignation and earnings preview 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 no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended APA Group. 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 clearly gotten off on the wrong side of the bed this Monday. In a shaky start to the trading week so far, the ASX 200 is currently down a nasty 0.86% at around 7,050 points. But it’s been far better for the Ampol Ltd (ASX: ALD) share price.

The company is outperforming the broader market today, currently enjoying a rebound with its shares up 2.12% to $34.865 each at the time of writing. This comes after Ampol reported some solid half-year results this morning.

As we covered earlier today, Ampol reported an 83% rise in revenues to $11.33 billion. That helped lift statutory net profit after tax (NPAT) by 114% to $695.9 million. Sales of fuel were up 4% to 11.5 billion litres.

Ampol announces biggest dividend in history

But perhaps the biggest piece of news in Ampol’s half-year report was the dividend. Ampol has announced an interim dividend of $1.20 per share, fully franked.

Not only is this the largest interim dividend Ampol has ever paid out, but it also represents a whopping increase of 130% over last year’s interim dividend of 52 cents per share. In fact, this new interim dividend is larger than the last interim dividend and Ampol’s previous final dividend of 41 cents per share put together.

Ampol shares will trade ex-dividend for this payment on 2 September next month. Shareholders will then receive the payout on 28 September. Investors will have no choice but to receive this dividend in cash, as the company is currently not operating a dividend reinvestment plan (DRP).

Ampol’s previous 12 months of dividends add up to 93 cents per share, which gives the shares a trailing dividend yield of 2.72% at current pricing.

However, once the new dividend is paid out on 28 September, the petroleum company will have a trailing yield of 4.71%. So we can see from these metrics how significant this dividend hike will be for Ampol shares and investors.

At the current Ampol share price, this ASX 200 energy share has a market capitalisation of $8.3 billion. Ampol shares are now up 17% year to date.

The post Everything you need to know about the monster Ampol dividend appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen 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 Chorus Ltd (ASX: CNU) share price is lifting 2% higher in morning trade following the release of its FY22 results.

At the time of writing, Chorus shares are swapping hands at $7.13 apiece.

Chorus lifts revenue, earnings in FY22

Key takeouts from the 12 months include:

• Reported revenue came in at $965 million, up from $955 million the year prior
• Earnings before interest and tax (EBIT) of $248 million, up from a FY21 result of $230 million
• Net profit after tax (NPAT) of $64 million ahead of the previous year’s $51 million
• Chorus’ fibre rollout reportedly now 98% completed
• Declared FY22 dividend of 35 cents per share

What else happened during this period for Chorus?

The company added over 88,000 connections, bringing its total to now sit at 959,000 connections.

Operating expenses came in relatively flat at $299 million which led to underlying EBITDA of $660 million and EBIT of $248 million.

Chorus brought this down to an NPAT of $64 million, a substantial gain from last year’s bottom-line result.

The performance was a turnaround for Chorus, with the company returning to “earning more than it was investing in the network for the first time in a decade”.

This permitted management to authorise a 35 cents per share dividend in FY22, and increased guidance for the FY23 and FY24 dividends’ respectively.

Management commentary

Speaking on the announcement, Chorus CEO, JB Rousselot said:

FY22 was a crossroads year for Chorus with the core elements of our utility-style regulatory framework now settled and the finish line in sight for our 11-year fibre rollout. Our fibre rollout is now 98% complete, and we have just 17,000 premises left to pass by Christmas. We added 88,000 new fibre connections to the network, and overall uptake increased from 65% to 69%.

We were pleased to see strong growth in our major centres of Auckland and Wellington, where uptake increased to 79% and 68%, respectively. During the pandemic, our digital inclusion initiatives focused on student broadband connections, helping seniors with their connected lives, and supporting the charitable sector to embrace digital tools.

What’s next for Chorus?

The company expects the following ranges of guidance, per the release:

• EBITDA: $655–$675 million
• Capital expenditure: $410–$450 million
• FY23 dividend: increased to 42.5 cents per share
• FY24 dividend guidance: a minimum of 47.5 cents per share

The Chorus share price is up more than 6% in the past 12 months.

The post Chorus share price lifts as company declares 35 cents per share dividend appeared first on The Motley Fool Australia.

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Motley Fool contributor Zach Bristow 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 Block Inc (ASX: SQ2) share price is off to a poor start this week.

Block shares closed on Friday trading for $144.89 and are currently at $107.50, down 6.4% in morning trade.

The Block share price is now down 14.6% since the ASX buy now, pay later (BNPL) share released its quarterly report on 5 August. Investors appear underwhelmed with the company’s expectations of slowing growth in Q3.

Why is the Block share price sinking again today?

Block, which acquired Afterpay in January this year, began trading on the ASX on 20 January.

The global payments company is also listed on the New York Stock Exchange. And the Block share price on the ASX tends to follow, if not mirror, the moves of its US-listed stock. In Friday’s trade, Block shares closed 6.7% lower on the NYSE.

It’s not just Block selling off today.

While the S&P/ASX 200 Index (ASX: XJO) is down a more modest 1.27% at the time of writing, fellow ASX BNPL share Zip Co Ltd (ASX: ZIP) is down 4.33%. Meanwhile, the Sezzle Inc (ASX: SZL) share price is down 5.03%.

Part of that sell-off can be pinned on renewed selling in the tech sector, with the NASDAQ closing down 2% on Friday and the S&P/ASX All Technology Index (ASX: XTX) down 1.7% today.

But the Block share price and other BNPL stocks look to be coming under added pressure from the prospect of more interest rate hikes ahead.

As rates continue to rise, following a period of more than 10 years where they only went lower, analysts are expecting BNPL companies to struggle with increasing levels of bad debts.

2022 has been a tough one for investors in the BNPL sector. Since listing on 20 January, Block shares have dropped 39%.

Since 4 January, Zip shares are down 77%, while the Sezzle share price has tanked 75%.

The post Why is the Block share price tumbling 6% today? 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 Block, Inc. and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended Block, Inc. 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 Nick Scali Limited (ASX: NCK) share price is popping today following the release of its full-year earnings results.

At the time of writing, the furniture retailer’s shares are up 3% trading at $10.31.

Nick Scali ramps up final dividend as revenue rises

Here are the key highlights of how Nick Scali performed for the 12 months that ended 30 June 2022.

• Revenue up 18.2% on FY21 to $441 million
• Underlying earnings before interest and tax (EBIT) down 2.8% to $124.6 million
• Underlying net profit after tax (NPAT) down 4.9% to $80.2 million
• Earnings per share (EPS) of 92.5 cents, down from 104 cents per share
• Final dividend up 40% to 35 cents per share, fully franked, bringing the full year dividend to 70 cents per share, up 6.7%

How did Nick Scali perform in FY 2022?

Throughout FY 2022, the group increased sales revenue by 18.2% to $441 million. This was despite significant shipping delays in the second half due to strict COVID-19 lockdowns in Shanghai.

Moreover, its Plush acquisition in November 2021 contributed $88.8 million in sales revenue for the period.

Nick Scali’s overall gross margin was down 250 basis points to 61%. This came from the dilutive impact of the lower margin Plush business as well as elevated costs in international freight.

Operating expenses within the Nick Scali Furniture business remained at similar levels to previous years. The company continued to leverage its fixed cost base to record strong levels of net profitability in the underlying Nick Scali Furniture business.

In addition, the company’s Plush acquisition added 46 showrooms to its network during FY 2022. Nick Scali opened up its first-ever new store in regional New Zealand, bringing the total store network to 108 stores.

The board declared a fully franked final dividend of 35 cents per share. On a full-year basis, this represents a payout ratio of 76% compared to 63% in FY21.

What did management say?

Nick Scali managing director Anthony Scali had this to say about the company’s results:

FY22 was a particularly challenging period, with store network closures and lockdowns in sourcing countries impacting the business at various stages throughout the year.

Despite these challenges, the group was still able to deliver a strong result and end the year with a significant order bank which will translate to revenue in FY23.

We continue to be pleased with the Plush acquisition and have seen increased scope for synergies as the integration of the business has progressed.

What’s next for Nick Scali?

Looking ahead, Nick Scali expects FY 2023 revenue to be materially above the previous financial year.

At the end of June, the group had an outstanding order book of $185.2 million.

Furthermore, July trading recorded an uptick in total written sales orders of $43.2 million, up 64.1% from July 2021.

However, shipping constraints and inflationary pressures remain a major obstacle in delivering the outstanding order bank. This will likely impact operating costs over the next 12-24 months.

Given the murky economic outlook, Nick Scali refrained from providing any additional guidance for FY 2023.

The Nick Scali share price is down 35% since the beginning of the year.

The post Nick Scali share price climbs as final dividend jumps 40% for FY 2022 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 Audinate Group Ltd (ASX: AD8) share price is dropping in midday trade on Monday amid the company releasing its FY22 results.

The audio-visual networking company’s share price is currently $8.79, a 3.72% fall. For perspective, the S&P/ASX 200 Index (ASX: XJO) is down 0.83% today.

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

Audinate reports revenue and earnings boost

Highlights of Audinate’s FY22 results include:

• Earnings before interest, tax, depreciation, and amortisation (EBITDA) lifted 40.9% on FY21 to $4.3 million
• Net loss after tax increased 29.5% on FY21 to $4.457 million
• Revenue lifted 38.7% on FY21 to $46.3 million
• Gross profit margin of 74.7%, down 2.2% on FY21
• No dividend declared

What else did the company report?

Audinate said the directors consider EBITDA to reflect the “core earnings” of the group. The company said the EBITDA and revenue results were a record for the company.

However, the gross profit margin fell due to higher rare material costs including spot inventories, according to the company.

Operating expenses also jumped 34.9% to $30.3 million while employee costs rose by $6.1 million with 43 more staff being added to the team.

Sales and marketing expenses also lifted $2.6 million on the previous financial year. As COVID-19 restrictions eased, trade shows and business travel increased, the company said.

Meantime, administration and other costs lifted by 28% to $3.8 million. This was largely attributed to the $0.5 million costs related to the company’s Silex Insight acquisition.

Also reflected in the result was the loss of government COVID-19 subsidies. In FY21, Audinate received $0.8 million from the government.

However, major revenue drivers, the company’s chip cards and modules (CCM) and software segments, experienced growth in FY22. This revenue boost was driven by unit product growth, price increases to preserve margins, and more revenue from the Silex acquisition.

Management comment

Commenting on the results, CEO Aidan Williams said:

We are very pleased that Audinate has been able to deliver compound annual growth (CAGR) in US$ revenue of 28% over the last two years.

During this period the business has experienced COVID related impacts, initially to demand and then to supply chain, but showed resilience, maintained margins, and grew revenue strongly.

What’s ahead?

Audinate said the company’s headcount of 178 is “the foundation” for doubling revenue in the medium term.

In FY23, Audinate has plans to add 10% more people to its team, with a focus on the Philippines.

Despite record demand, Audinate expects supply chain uncertainty to continue into the first half of FY23.

The company will focus on video and target revenue of US$2 million or more in FY23.

The professional AV industry is forecast to grow 11% to $263 billion in the calendar year 2022, and up to $351 billion by 2027.

Audinate share price snapshot

The Audinate share price has declined 15% in the past year but is holding its own year to date, gaining around 1%.

But in the past month, Audinate shares have climbed about 3%.

For perspective, the benchmark ASX 200 index has lost 6% in the past year.

The post Audinate share price slides despite record revenue and earnings appeared first on The Motley Fool Australia.

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More reading

• 3 rising ASX shares to buy that have passed the bottom: expert
• Brokers just rated these 2 ASX shares as buys for August
• Audinate share price soars 5% as revenue thrives

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 positions in and has recommended AUDINATEGL FPO. The Motley Fool Australia has positions in and has recommended AUDINATEGL FPO. 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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