The Piedmont Lithium Inc (ASX: PLL) share price has been a strong performer on Monday.

In morning trade, the lithium developer’s shares are up 8% to 79.5 cents.

This latest gain means the Piedmont Lithium share price is up 115% in 2021.

Why is the Piedmont Lithium share price charging higher?

Investors have been bidding the Piedmont Lithium share price higher today following the release of a positive announcement.

According to the release, the company’s 25%-owned Sayona Quebec business has completed the acquisition of North American Lithium (NAL) for C$196.2 million. This includes a cash consideration of C$94 million.

Sayona Quebec is a joint venture between Piedmont Lithium and Sayona Mining Ltd (ASX: SYA), with the latter owning the remaining 75%.

What is North American Lithium?

North American Lithium is a Canadian industrial minerals mining company located in Abitibi, near Val d’Or, Quebec.

This project is under development with commissioning of an open pit lithium carbonate mine and processing plant nearing completion. Once operational, the mine is expected to produce approximately 23,000 tonnes of battery grade lithium carbonate on an annualised basis.

Its acquisition now paves the way for the creation of Abitibi lithium hub. This will see the integration of Sayona Mining’s Authier and Tansim Lithium Projects with NAL to become Quebec’s leading lithium producer.

Sayona Mining’s Managing Director, Brett Lynch, said: “We are committed to swiftly developing a profitable and sustainable business at NAL, delivering new jobs and investment and maximising the benefits of its existing facilities to make it the centre of our Abitibi lithium hub.”

“Demand for lithium to power North America’s EV and battery storage revolution continues to accelerate. The timing is perfect and we look forward to realising this opportunity, working closely with our partner, Piedmont and all other key stakeholders including Investissement Québec, as we help drive Québec’s clean energy future,” he added.

This sentiment was echoed over at Piedmont Lithium. Its President and CEO, Keith D. Phillips, commented: “We are very pleased to have partnered with Sayona in the consolidation of the spodumene resources in the Abitibi region of Quebec, with Sayona Quebec now comprising a large Canadian lithium resource base.”

“NAL’s concentrate operations are amenable to a relatively rapid restart and we will work with Sayona to develop suitable plans in that regard. We are also evaluating a variety of options for production of lithium hydroxide in Quebec and will update the market further as our plans crystalize. Piedmont intends to become North America’s leading lithium hydroxide producer and our Quebec investments are an ideal complement to our flagship Carolina Lithium Project in Gaston County, North Carolina,” he added.

The post Why the Piedmont Lithium (ASX:PLL) share price is zooming 8% higher today 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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Fortescue Metals Group Ltd (ASX: FMG) dividend received a much-welcomed boost following the company’s FY21 full-year results today.

No doubt, investors will be standing with open arms when the mining giant pays its final dividend next month.

Let’s take a look at Fortescue’s FY21 scorecard and the details of its upcoming dividend.

How did Fortescue perform in FY21?

Investors are buying up Fortescue shares, following the company’s positive results for the 12 months ending 30 June 2021.

The world’s fourth-largest iron ore miner recorded its second consecutive year of record performance.

Ongoing constraints in iron ore supply from traditional producers resulted in strong market conditions for Fortescue. The average revenue for iron ore rose to US$135 per dry metric tonne, a 72% increase over the period.

Coupled with the company’s industry-leading cost position, C1 cost of US$13.93 wet metric tonne, this led to bumper profits.

On the bottom line, Fortescue achieved net profit after tax (NPAT) of US$10.3 billion, up 117% from FY20. This also represents a return on equity of 66%.

The Fortescue board decided to bump up its fully-franked full-year dividend to $3.58 per share, up 103%. This makes up a final dividend of $2.11, equating to $11 billion and an 80% payout of NPAT.

Based on the current Fortescue share price of $21.00 apiece, this gives the company a trailing dividend yield of a mammoth 17%.

Fortescue CEO Elizabeth Gaines commented:

Reflecting the team’s outstanding performance in FY21 and our strong commitment to deliver shareholder returns, Fortescue’s board was pleased to declare our largest ever final dividend…

The ability to continue delivering increased returns to our shareholders is underpinned by the successful execution of our integrated operations and marketing strategy, disciplined capital allocation, sustained focus on productivity and efficiency, as well as the strength of the iron ore market.

Fortescue dividend key dates

Fortescue provided the distribution amount and payment dates of its final dividend for the 2021 financial year. Here’s a summary of the important dates Fortescue shareholders will need to know.

Ex-dividend date

The ex-dividend date will be 6 September 2021.

This is when investors must have purchased Fortescue shares.

If you sell your Fortescue holdings before the ex-dividend date, you will not receive the upcoming dividend. However, if you sell your shares on or after this date, you will still receive the dividend.

Record date

The record date for Fortescue’s final dividend is 7 September 2021.

This is the date where the company checks its records to see which shareholders are on its registry. Those who bought Fortescue shares before will be eligible to receive its upcoming dividend.

Payment date

The payment date for Fortescue’s dividend will be 30 September 2021.

This is when shareholders can expect to see the final dividend of $2.11 per share arrive in their accounts.

The post The Fortescue (ASX:FMG) dividend has doubled to record levels appeared first on The Motley Fool Australia.

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

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The Aussie Broadband Ltd (ASX: ABB) share price opened higher Monday after the company released its FY21 results.

The Aussie share price shot up to $3.84 at market open on Monday.

Aussie Broadband share price higher on FY21 results

• Revenue rose 84% to $350.3 million
• Earnings before interest, taxes, depreciation, and amortisation (EBITDA) surged 433% to $19.1 million before initial public offering costs
• Total broadband services increased 53% to 400,848
• Mobile services lifted 102% to 25,606
• Business and wholesale broadband services up 90% to 37,498

Focus on growth

The Aussie Broadband share price has more than tripled from its IPO listing price of $1. The business is focused on growing its share in a market highly concentrated towards four main companies. Those four are the Telstra Corporation Ltd (ASX: TLS), TPG Telecom Ltd (ASX: TPG), Vocus Group Ltd (ASX: VOC) and Optus.

Aussie Broadband achieved well-rounded growth underpinned by its increased market share in several segments. Those segments include residential and business NBN connections, strategic product and services expansion, and key contracts to further enable growth.

What happened to Aussie Broadband in FY21?

Residential NBN broadband connections increased 50% in FY21 to 363,350 connections. Aussie Broadband flagged that NBN connections were impacted in the second half as a result of increased competition. This was generated by NBN’s Focus on Fast campaign, its significant appointment system, staffing issues and its stop-sell on HFC connections due to equipment shortages. The company advised that most of these issues should resolve by early FY22.

A new partnership with Optus enabled the company to revamp its mobile offering to residential customers. There was a higher than expected take-up in the first two months of the offering (towards the end of FY21). This translated to a 20% increase in active services over the previous quarter.

Business telecommunications was a key focus for the Aussie Broadband business during FY21. The company took several measures such as putting in place the right people and skills, quality products and services, and a strong emphasis on automation. As a result, the segment achieved a 90% increase in connections to 37,498.

Aussie Broadband continued building its fibre network in FY21, completing 250 km of fibre in the ground and connections to 25 Point of Interconnect (POIs) and data centres at 30 June 2021. The company said that it will complete its fibre build this financial year. This should result in more than $15 million per year saving in backhaul charges from FY23 onwards.

Management commentary

Aussie Broadband Managing Director Phillip Britt commented on the results:

With our record of strong financial and operational achievements over the past financial year, we believe Aussie Broadband is positioned well for growth in FY22.

We will continue our marketing and sales focus on organic growth of our residential and business/ enterprise segments, as well as exploring new channels for growth… continue to review merger and acquisition opportunities that are aligned with our strategy and culture and would deliver value for our shareholders.

We anticipate that our fibre network will start to show financial benefits not only through offloading existing leased infrastructure, but also through the opportunity to directly connect customers to our own network.

What’s next for Aussie Broadband?

Aussie Broadband said its business experienced record broadband and mobile sales in July. It is expecting a new record month for August.

The company was unable to provide guidance for FY22 due to the volatile nature of the retail telecommunications market and ongoing lockdowns.

The Aussie Broadband share price is currently 2.71% higher to $3.79. This is within arms reach of its 12 August all-time high of $3.97.

The post Aussie Broadband (ASX:ABB) share price rallies 4% on bumper earnings appeared first on The Motley Fool Australia.

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Motley Fool contributor Kerry Sun owns shares of Aussie Broadband Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Aussie Broadband Limited. The Motley Fool Australia owns shares of and has recommended Telstra Corporation Limited. The Motley Fool Australia has recommended Aussie Broadband Limited and TPG Telecom Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Pointsbet Holdings Ltd (ASX: PBH) share price is falling this morning after the company released unfortunate news of its planned debut in Arizona’s sports betting market.

The company’s previous plan to break into the state’s newly legalised sports betting market has hit some turbulance.

Right now, the Pointsbet share price is $10.13, 2.22% lower than its previous close.

Let’s take a closer look at the disappointing news out of the bookmaker today.

Trouble in Arizona

The Pointsbet share price is slipping after the company’s plans to break into Arizona’s sports betting market hit a wall.

Today, Pointsbet announced Cliff Castle Casino Hotel, a subordinate economic organisation of the Yavapai-Apache Nation, was denied a sports betting license from the Arizona Department of Gaming. The Yavapai-Apache Nation is made up of 5 tribal communities and is located in the state’s Verde Valley.

Pointsbet and Cliff Castle Casino Hotel has previously agreed to partner to open a sports betting business in Arizona. The Pointsbet share price gained 1.4% on the back of the plan, which was announced to the market last month.

According to Pointsbet, the department didn’t provide a reason as to why Cliff Castle Casino Hotel was refused a license.

Pointsbet didn’t state if the two bodies will continue working to secure a sports betting licence following the rejection.

Under the previously announced 10-year arrangement, Pointsbet was to pay the Yavapai-Apache Nation a market access fee and a portion of its gaming revenues from online sportsbook operations.

Pointsbet also planned to cover the licencing and regulatory costs of launching and operating its betting services.

Additionally, Pointsbet was to pay to create a Pointsbet branded retail sportsbook at the Cliff Castle Casino Hotel.

Online sports betting was legalised in Arizona earlier this year. According to Pointsbet, 10 online sports betting licences have been reserved for tribal communities in the state.

Pointsbet share price snapshot

The Pointsbet share price has been struggling lately.

It has slipped 11% since the start of 2021. It’s also currently 12% lower than it was this time last year.

The post Pointsbet (ASX:PBH) share price slips following denied betting licence 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. owns shares of 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 Bruce Jackson.

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The Freedom Foods Group Limited (ASX: FNP) share price is slipping in early trade on Monday as the food manufacturing company released its FY21 earnings.

After an initial jump of 3% on Friday’s closing price, Freedom Foods shares have slid 4.55% to 42 cents at the time of writing.

Let’s investigate further.

Freedom Foods share price falls despite strong revenue and earnings growth

• Total revenue from continuing operations of $559.1 million, an 8% year on year growth
• $76.4 million “earnings turnaround” from the year prior
• Adjusted Operating EBITDA from continuing operations of $22.4 million, up 141% on restated loss of $54.0 million in FY20
• Plant-based Beverages revenue up 16% to $152.9 million, with MILKLAB sales up 49% year on year
• Dairy and Nutritional’s revenue grew 7% to $394.3 million, with lactoferrin sales up 215%
• Statutory net loss after tax of $38.8m million, a 72% improvement on “restated FY20 loss” of $136.4 million
• No declared dividend for FY21.

What happened in FY21 for Freedom Foods?

In a potential positive for the Freedom Foods share price, the company grew total revenue by 8% to around $560 million in FY21, underscored by strength in its plant-based beverages plus dairy and nutritional’s segment.

In fact, plant-based beverages grew revenue by 16% to approximately $153 million, alongside MILKLAB sales which grew about 50% over the year.

Freedom’s dairy and nutritional’s revenue also expanded by 7% to $394 million. Much of the growth here was underlined by lactoferrin sales which grew a mammoth 215% from the year prior.

The company also outlined growth in “key channels”, including a 38% year on year increase in e-commerce sales and a 31% growth in export sales.

Consequently, export sales now “represent 24% of group revenue”, a 4 percentage point gain from FY20.

Freedom also recognised an adjusted EBITDA growth of 141% from the year prior of $22.4 million. This represents a “significant, $76.4 million turnaround” from the EBITDA loss of $54 million reported in FY20.

The company explained this turnaround stemmed from “improved operational efficiencies across the business” but does exclude a one-off “restructuring cost” of about $28 million.

Freedom also recognised a statutory net loss after tax of $38 million, which is a “substantial improvement” from the net loss of $136 million a year ago.

Despite these growth patterns, Freedom’s specialty seafood revenue decreased by 22% year over year. The decrease came as “COVID-19 disrupted global supply chains, causing stock shortages” which resulted in the “need to cancel promotions”.

Finally, the company left FY21 with around $32 million in cash on its balance sheet, with an additional $48 million in working capital from “undrawn facilities”.

What did management say?

Speaking on the results, Freedom Foods CEO Michael Perich said:

FY21 was a defining year for Freedom Foods Group, marking the start of our ‘Reset, Transform, Grow’ transformation into a progressive Australian and regional branded FMCG business, with a much improved operating model and tighter controls that better respond to changes occurring in the local and international environments.

Touching on the earnings turnaround, Perich added:

Actions to transform the Company are well underway, with the Group benefitting from the hard work and commitment of our employees. The continued focus by the team on the customer, quality and innovation has continued to deliver very pleasing results. The significant $76.4 million turnaround in our Adjusted Operating EBITDA performance year-on-year – as well as the sales growth we are seeing in our key brands and markets here and overseas – point to the potential of these actions to continue delivering better returns for the Company and its investors.

What’s next for Freedom Foods?

Freedom does not expect to see the “full benefits of the improvements [it is] making to flow through until FY23”.

This refers to the Group’s “transformation strategy” that aims to “springboard” sales growth by capturing the “ever-increasing consumer demand” for healthy food and lifestyle alternatives.

As a result, management is confident in “continuing the positive momentum” achieved in FY21, as it pursues this transformation strategy.

Freedom also acknowledges the “uncertain impact of the latest COVID-19 lockdowns” to its supply chain, operations and end-markets and, thus, did not provide specific earnings guidance.

The Freedom Foods share price has had a choppy year to date, posting a loss of 85% since January 1. This result has lagged the S&P/ASX 200 Index (ASX: XJO)’s return of around 14% over this same time.

The post Freedom Foods (ASX:FNP) share price slides on 141% EBITDA growth in FY21 appeared first on The Motley Fool Australia.

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

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The BlueBet Holdings Ltd (ASX: BBT) share price has been a disappointing performer on Monday.

In morning trade, the sports betting company’s shares were down as much as 13% to $2.43.

The BlueBet share price has recovered a touch since then but remains down 7.5% to $2.60 at the time of writing.

Why is the BlueBet share price under pressure?

Investors have been selling down the BlueBet share price today after its US ambitions were dealt a blow.

According to the release, the company’s US business and its partner Colorado River Indian Tribes (CRIT) have been unsuccessful in their application for one of the 10 licences to operate an online sportsbook in the state of Arizona.

The release explains that the number of licences awarded to Tribes in Arizona was capped at 10, and although it met the requirements of a qualified event wagering operator, it missed out after a competitive process which considered a range of factors.

One small positive, though, is that BlueBet’s agreement with CRIT remains in place if further event wagering licences become available in the future.

Furthermore, management notes that securing an Arizona licence at this time would have been an unexpected addition to its USA entry strategy and was not factored into its USA business plan, which remains unchanged.

It is also worth noting that rival Pointsbet Holdings Ltd (ASX: PBH) revealed that it also failed to secure a licence in Arizona today.

What else did the company announce?

Management also provided an update on its licence application for the state of Iowa.

That application remains on track after its Advanced Deposit Sports Wagering Operator agreement with Q Casino was approved by the Iowa Racing and Gaming Commission on Friday.

But management isn’t resting on its laurels. In addition to Iowa, BlueBet has identified a further four priority states in the USA for licences: Virginia, Colorado, Tennessee and Maryland. It notes that these states have an aggregate population of over 27 million people.

Despite today’s pullback, the BlueBet share price is up 128% since its IPO in July.

The post Why the BlueBet (ASX:BBT) share price is crashing 13% lower today 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. owns shares of and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended BlueBet Holdings Ltd and Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Motley Fool Australia Chief Investment Officer Scott Phillips joined Weekend Sunrise on Sunday to discuss Qantas Airways Limited‘s (ASX: QAN) plans to get back in the air, and the weak start to the new financial year for our retailers.

The post Planes flying by Christmas? And worrying signs from retailers. Scott Phillips on Weekend Sunrise appeared first on The Motley Fool Australia.

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

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The Temple & Webster Group Ltd (ASX: TPW) share price is jumping higher this morning after releasing its full-year results and a trading update.

At the time of writing, shares in the online furniture and homewares retailer are trading at $14.62, up 12.72%.

Temple and Webster share price on watch after more than doubling profit

• Record revenue of $326.3 million, up 85% year-over-year
• Earnings before interest, tax, depreciation, and amortisation (EBITDA) of $20.5 million, an increase of 141%
• Active customers increased 62% year-over-year to 778,000
• Record net profit after tax of $14 million, up 165% on the prior year
• Cash flow positive year, finishing with $97.5 million cash in the bank (an increase of 156% from FY20)
• Outlook positive with the company citing strong tailwings

What happened in FY21 for Temple and Webster

The Temple and Webster share price is in focus on Monday after reporting its full-year results for the 12 months ended 30 June. It turned out to be a record year for the online retailer in terms of revenue, profit, and customers.

According to the release, Temple and Webster racked in total revenue of $326.3 million in FY21 — reflecting an increase of 85% on the prior year. This substantial increase in sales revenue was assisted by a surge in online shopping following imposed government lockdowns.

The company made no secrets that COVID-19 has brought forward adoption for its offering. However, it was noted that these growth trends remained in place while there were little to no restrictions on trading.

Furthermore, Temple and Webster ended the financial year in a strong cash position after performing a $40 million capital raise and delivering a record profit. As such, the company holds a cash balance of $97.5 million. This opens up optionality for inorganic growth opportunities if/when they present themselves. Although, an EBITDA margin of 2% to 4% in the short term was highlighted as its re-investment strategy continues.

What did management say?

Commenting on the result, Temple and Webster Chief Executive Officer Mark Coulter said:

FY21 was another great year for Company, with full-year revenue up 85% to $326.3m and EBITDA up 141% to $20.5m. While we don’t take for granted how fortunate we are to be able to trade through lockdowns, we believe COVID has accelerated the shift from offline to online that was already in progress. We remain focused on giving our customers a great experience, and hopefully having them enjoy their homes, even just a little bit more, during these tough times.

Additionally, with respect to the company’s performance so far in FY22, Mr Coulter said:

While the start of FY22 has been difficult for many Australians, we remain focused on strengthening our customer proposition, built around having the biggest and best range of furniture and homewares, combined with inspirational content and a great customer service experience.

What’s next for Temple and Webster?

The new financial year has been a strong one so far. Specifically, year-over-year revenue growth for between 1st July and 27th August 2021 compared to the year prior is 49%. At the same time, management highlighted the company continues to experience strong tailwinds.

The board expects the business to benefit from ongoing online shopping adoption, an acceleration in trends from COVID-19, an increase in discretionary income, and strong housing market growth. Unfortunately, no further details pertaining to forward guidance were supplied.

Meanwhile, Temple and Webster intend to continue its reinvestment strategy to grow market leadership. This is in line with the company’s goal of becoming the largest retailer of furniture and homewares in its market.

Temple and Webster share price snapshot

The Temple and Webster share price has performed solidly over the course of the past year. Shareholders have enjoyed a 58% gain in the past 12 months. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) has delivered roughly half that, with a 24% return.

Finally, the company trades at approximately a price-to-earnings (P/E) ratio of 111 times.

The post Temple and Webster (ASX:TPW) share price jumps 13% as revenue soars appeared first on The Motley Fool Australia.

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

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The Crown Resorts Ltd (ASX: CWN) share price is lifting slightly on Monday after the Aussie casino operator’s latest full-year results release.

After a wobbly start, the Crown share price is now up 0.64%, trading at $9.38.

Crown share price lifts as profit slumps 429%

Crown released its results for the year ended 30 June 2021 (FY21), including the below takeaways:

• Revenue down 31.3% on the prior corresponding period (pcp) to $1,536.8 million
• Earnings before interest, tax, depreciation and amortisation (EBITDA) down 77.4% on pcp to $114.1 million
• Net loss after tax attributable to parent down 429.1% on pcp to $261.6 million
• No final dividend

The Crown share price is slumping this morning as investors process the latest results. The company also announced Dr Ziggy Switkowski will join the board of directors as chair following all necessary approvals.

What happened for Crown in FY21?

In today’s release, Crown advised that COVID-19 restrictions continue to weigh on operations and earnings. Tight restrictions across the eastern seaboard have limited foot traffic and turnover at key Crown casinos.

Crown reported closure costs of $120.6 million (net of tax) across Crown Melbourne, Crown Perth and Crown Aspinalls during the year. The Aussie casino operator described FY21 as “challenging” with intense regulatory scrutiny and COVID-19 impacts.

Crown Perth delivered strong performance despite 27 days of closure while Crown Sydney apartment sales reached over $1 billion in gross sales and pre-sales to date.

It’s been a tough 12 months for Crown and its share price. Aside from COVID-19 restrictions, the company is under pressure amid a Royal Commission and multiple inquiries.

What did management say?

Crown’s interim chair Jane Halton said:

2021 has been a challenging year for Crown, with intense regulatory scrutiny and unprecended impacts on business operations from the COVID-19 pandemic.

Looking ahead, COVID-19 continues to create uncertainty, with variable operating restrictions remaining a feature of everyday life and likely to continue to materially influence business performance.

Company CFO Alan McGregor added:

Unfortunately, COVID-19 related restrictions are continuing to impact performance as we enter the 2022 financial year. Crown Melbourne has been closed for the majority of this financial year, whilst stay at home orders were imposed in Sydney on 26 June 2021 and remain in place.

What’s next for Crown and its share price?

Crown has reached an agreement with its relationship banks on restructuring its financing arrangements, including an extension of near-term maturities. The additional flexibility includes a waiver of the 31 December 2021 covenants and an additional $250 million debt facility commitment.

The Crown share price was down 5.9% in 2021 prior to Monday’s open, compared to a 12.0% gain for the S&P/ASX 200 Index (ASX: XJO).

The post Crown (ASX:CWN) share price wobbles as profit slumps 429% appeared first on The Motley Fool Australia.

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

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The Betmakers Technology Group Ltd (ASX: BET) share price rallied after the company unveiled a big jump in revenue but a bigger profit loss.

The online bet technology group posted a 126.7% surge in FY21 revenue to $19.5 million. But its net loss blew out by three-fold to $13 million versus FY20’s $4.4 million loss.

Betmakers share price beating the odds

The red ink did not deter investors. The Betmakers share price increased 3.1% to $1.16 in early trade as the S&P/ASX 200 Index (Index:^AXJO) added 0.4%.

In contrast, gaming heavyweight Crown Resorts Ltd (ASX: CWN) share price fell 0.4% to $9.28 when it released its results.

More red ink

The group’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was a negative $2.9 million.

This is also worse than the previous year’s $847,000. Adjusted EBITDA excludes impairment/recovery of receivables, share-based payments expense, and Sportech related deal costs.

The widening earnings loss is due to extra investments Betmakers needed to make to support its international expansion. For instance, it spent $2.4 million just in operating expenses for its US business alone during the year.

Why Betmakers share price can rally as bottom-line falls

But investors’ focus tends to be more on the top- than the bottom line when it comes to high-growth ASX small caps.

In that regard, Betmakers is kicking goals. Its Global Betting Services division won a 130% revenue payoff with sales jumping to $14.6 million. This division accounts for around 75% of total group revenue.

Global Betting Services is a business-to-business (B2B) global racing solutions provider that offers services like fixed odds pricing and platform development.

Contributing to growth

Meanwhile, the group’s Global Racing Network division expanded FY21 revenue by 44% to $3.2 million compared to the previous year. Management credits the expansion of its content and distribution network for the growth.

This division operates in 36 countries and covered over 300,000 races during the financial year. Some of the services the business provides include rights management, racing vision and reporting and analysis.

Further, the group’s acquisition saw its Globel Tote business contribute $1.7 million to total revenue in the period. And this was just from the first 14 days of the acquisition.

Betting on more growth ahead

Betmakers also indicated it’s hunting for other opportunities to grow inorganically – either through takeovers or partnerships. But management’s focus will be on expanding its operations in the US market.

The Betmakers share price has surged by over 120% over the past year when the S&P/ASX SMALL ORDINARIES (INDEXASX: XSO) gained 25%.

The post Why Betmakers (ASX:BET) share price jumped when losses deepened appeared first on The Motley Fool Australia.

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

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