The QuickFee Ltd (ASX: QFE) share price is taking a ride downwards today following the release of first-half results. Despite the growth in buy now, pay later (BNPL) revenues, shareholders appear to be making a quick dash for the door.

After plummeting to a low of 42 cents this morning, the QuickFee share price has clawed back some ground and is currently trading at 46 cents, down 8%.

Why’s the QuickFee share price dropping?

Australia growth not so good

QuickFee is a little different to the likes of Afterpay Ltd (ASX: APT), Zip Co Ltd (ASX: Z1P) and other consumer-facing BNPL companies. In contrast, QuickFee provides instalment systems and lending to services firms – or in other words, business to business. This is similar to another ASX-listed BNPL player, Cirralto Ltd (ASX: CRO).

The good news is QuickFee delivered solid growth in the United States, with transaction volumes processed growing by 182% to US$285 million. Lending in the region also increased by 41% to US$7.9 million. There are now 469 firms registered with QuickFee US, a 14% increase.

When we look at the results for Australia, however, the good news begins to get muddied. Lending in Australia suffered due to businesses having access to government stimulus. However, as the JobKeeper scheme evaporates, companies are resorting to loans for liquidity once more.

Despite lower lending in dollar terms, QuickFee continued to grow its customer base during the half. Notably, it added several major law and professional service associations during the period.

Splitit partnership shows traction

QuickFee partnered with Splitit Ltd (ASX: SPT) back in September last year – which failed to rally the QuickFee share price. The partnership enables QuickFee to offer Splitit’s credit card instalment system to its customers. Since launching in December, QuickFee has signed 170 additional merchants, taking the total to 149 in the US and 128 in Australia.

In the US alone, the instalment offering is expected to expand QuickFee’s addressable market by an additional 650,000 accounting and legal firms.

Optimism remains high for QuickFee, reporting total-transaction-volumes between 1 January to 14 February that are 2.4 times greater than the prior year.

QuickFee expects a strong tailwind from the accelerations towards online payments due to COVID-19. The company is also priming its balance sheet for growth following the completion of A$17.5 million share placement.

More reading

• Why is the Splitit (ASX:SPT) share price underperforming Afterpay and Zip?
• Why the Splitit (ASX:SPT) share price is roaring 7% higher today
• ASX 200 rises 1%, Zip soars, REA reports
• What’s with the Splitit (ASX:SPT) share price today?
• 3 reasons to consider Sezzle (ASX:SZL) at this share price

Mitchell Lawler owns shares of AFTERPAY T FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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 Bellevue Gold Ltd (ASX: BGL) share price has been a very poor performer on Thursday.

At one stage today, the gold-focused mineral exploration company’s shares were down as much as 23% to 74 cents.

The Bellevue Gold share price has since recovered slightly but is still down 20% to 77.5 cents.

Why is the Bellevue Gold share price being crushed today?

Investors have been selling Bellevue Gold shares today following the release of the Stage 1 Feasibility Study for its Bellevue Gold Project in Western Australia.

According to the study, the Bellevue Gold Project is on track to become a top 25 Australian gold mine with a production profile of 160kozpa in the first five years and Life of Mine (LOM) production of 151kozp.

It is also expected to have a LOM all in sustaining cost (AISC) of A$1,079 per ounce. This compares favourably to the current gold price of US$1,782.10 (A$2,300) per ounce.

So why the selling?

Although the above is very positive, the net present value (NPV) of the project appears to be spooking investors.

The study shows that the post-tax NPV of the project is estimated to be $562 million based on a gold price of A$2,300 per ounce.

It then reduces to A$444 million with a gold price of A$2,100 per ounce or increases to A$679 million at A$2,500 per ounce.

The problem here is that prior to today, the Bellevue Gold share price implied a market capitalisation of $834 million. That’s 48% higher than the current post-tax NPV of the project.

Though, it is worth noting that the company continues to make new discoveries which could increase its resource in the future. So, depending on how that goes, the Bellevue Gold share price could yet recover from today’s decline.

More reading

• Why Bellevue Gold, Coles, NRW, & Perpetual shares are trading lower today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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 South32 Ltd (ASX: S32) share price is largely unmoved after the large resources business posted a significant decline of net profit.

South32 has projects across multiple continents, including Australia and South America. It mines and produces a number of different commodities including bauxite, alumina, aluminium, energy and metallurgical coal, manganese, nickel, silver, lead and zinc.

South32’s heavy profit decline in HY21

South32 reported that its revenue declined by 8% to US$2.9 billion.

Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 7% to US$633 million, whilst underlying earnings before interest and tax (EBIT) dropped 4% to US$282 million.

South32 reported that underlying earnings rose by 4%, after excluding a number of items such as exchange rate losses, gains on non-trading derivative instruments, restructuring costs, impairments and so on. 

But, including all of those other items, profit after tax and net finance costs declined by 46% to US$53 million. The South32 earnings per share (EPS) dropped by 45% to US 1.1 cent.

The company explained that a 9% reduction in the cost base and higher sales volumes were more than offset by weaker prices for its key commodities.

South32 said that it continues to focus on costs and remains on track to lock in US$50 million in annualised savings beyond FY22 as it works on efficiencies with reductions at its offices, as well as simplifying the corporate and marketing structures.

The company also said that it continues to transform its portfolio with the South African energy coal divestment progressing towards completion. After the reporting period, it also completed the sale of its TEMCO alloy smelter and a portfolio of non-core precious metals royalties. 

Ordinary dividend increase

Despite the reduction in the statutory EPS, the board of South32 announced a 27% increase to the interim dividend to 1.4 cents per share.

The net cash of the business improved by US$23 million over the six month period to US$275 million.

Outlook

The CEO of South32, Graham Kerr, said:

We are off to a strong start in 2021, as we continue to build on our recent operating performance. Our net cash has increased from US$275 million on 31 December to US$452 million at the end of January, and we are now seeing a rebound in demand from markets outside of China for some of our key commodities, that is underpinning a recovery in prices. With this, our business is well placed to benefit as the global economy recovers, enabling us to deliver value for all of our stakeholders.

More reading

• Will ASX silver shares ride the commodity super cycle to new highs?
• Why ASX miners will get a double tailwind from Biden’s US$1.9tn stimulus
• Why BHP, Estia Health, HUB24, & South32 shares are dropping lower
• ASX 200 up 1.1%: Amcor jumps, South32 sinks, Virgin Money UK rockets
• ASX coal stocks increasingly isolated with rise of start-ups like MGA Thermal

Motley Fool contributor Tristan Harrison 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 SKYCITY Entertainment Group Limited (ASX: SKC) share price is trading 2.29% higher at the time of writing.

Earlier today, SkyCity released its half-year results for the six months ended 31 December 2020 (1H FY21). Despite the report including a number of losses, the SkyCity share price has remained resilient in today’s trade. Let’s take a closer look.

SkyCity half-year 2021 highlights

SkyCity’s total reported revenue for the period tumbled 37.7% compared to the prior corresponding period (pcp), landing at NZ$449.9 million.

Earnings before interest, tax, depreciation and amortisation (EBITDA) took a 62.6% dive to NZ$152.6 million compared to the pcp, which brought in NZ$407.5 million.

Net profit after tax (NPAT) for 1H FY21 was NZ$78.4 million. This is 76.1% less than the 1H FY20 period’s NPAT of NZ$328 million.

The board suspended dividends for the period but expects to pay the final dividend for FY21, provided there are no prolonged property closures.

SkyCity cited a number of factors that impacted its half-year results, including the fire at the New Zealand International Convention Centre, the Auckland car park concession transaction, a settlement agreement with The Fletcher Construction Company Limited, and the coronavirus.

What else could be moving the SkyCity share price?

In addition to announcing results, SkyCity also announced the appointment of Julie Amey to the role of chief financial officer. 

Amey’s most recent role is with Shell Australia as Vice President Finance Integrated Gas. Other international roles Amey has held include Vice President Finance Qatar Shell, chief financial officer for Shell & Turcas A.A. Turkey and business finance manager and financial controller for Upstream Middle East in the United Arab Emirates.

Amey will commence her position with SkyCity on 1 May 2021.

A snapshot of SkyCity

SkyCity operates in the gaming/entertainment business and also in the hotel and convention, hospitality, recreation and tourism sectors. The company’s operating segments include SkyCity Auckland, Other New Zealand Operations, SkyCity Adelaide and International business.

The company presently has a market capitalisation of $2.1 billion and 760.2 million shares outstanding.

At the time of writing, the SkyCity share price is sitting at $2.68, a 24% drop on this time last year. 

More reading

• Data#3 (ASX:DTL)’s gangbuster first half boosts dividend
• Here’s why the Codan (ASX:CDA) share price just hit a record high
• What’s with the Worley (ASX:WOR) share price today?
• Why the Orora (ASX:ORA) share price is soaring 6% today
• Coca-Cola (ASX:CCL) pays out dividend, but what’s the catch?

Motley Fool contributor Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Sky City Entertainment 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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Brisbane technology services firm Data#3 Limited (ASX: DTL) on Thursday reported positive first-half results to deliver a 7.8% increase in its dividend.

The company posted a 19.2% increase in first-half revenue compared to 12 months earlier, raking in $856.7 million.

Net profit was also up, with a 10.2% boost before tax and a 7.9% increase after tax.

Data#3 chair Richard Anderson attributed the latest results to a multi-year strategy and “resilience” to COVID-19 conditions.

The result matches up with a market update provided last month when the company dumped its previous “flat” guidance after a bumper December.

Among the turnover was $346 million from its public cloud services, which was a tidy 37.4% boost since the first half of the 2019 financial year.

Cloud technology sales are important because it is a recurring source of revenue.

“It is… reassuring that approximately 62% of our total revenue is recurring, derived from contracts with government and large corporate customers,” said chief executive Laurence Baynham.

“We continue to see growth in the Australian IT market.”

Unfortunately for Data#3, the market has savaged its shares today. The Data#3 share price is down 4.61% to $5.59 with an hour of trade remaining.

However, that’s still well up on the $4.64 Data#3 shares were fetching one year ago.

Data#3 maintains 90% dividend payout ratio

Data#3 backed up the bright financial results with a dividend boost.

It will pay out 5.5 cents per share fully franked, which is up 7.8% from the 5.1 cents provided this time last year.

That keeps the dividend payout ratio the same at 90.3%.

Dividend ex-date	Type	Amount per share	Franking
16.3.2021	Interim	5.5 cents	100%
15.9.2020	Final	8.8 cents	100%
16.3.2021	Interim	5.1 cents	100%
13.9.2019	Final	7.1 cents	100%
14.3.2019	Interim	3.6 cents	100%
Table created by author

While headcount costs went up during the year, the coronavirus pandemic allowed Data#3 to save on other expenses, like rent and travel.

Data#3 moved to slick new headquarters in inner Brisbane in August last year, while many workers were still practising telecommuting.

The company was founded in 1977 and has been listed on the ASX for 24 years. It has 1,200 employees spread across 12 sites in Australia and Fiji.

More reading

• Here’s why the Codan (ASX:CDA) share price just hit a record high
• What’s with the Worley (ASX:WOR) share price today?
• Why the Orora (ASX:ORA) share price is soaring 6% today
• Coca-Cola (ASX:CCL) pays out dividend, but what’s the catch?
• Here’s why the Medlab (ASX:MDC) share price is rising today

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The Codan Limited (ASX: CDA) share price has continued its impressive run and charged higher again on Thursday.

In afternoon trade the electronic products company’s shares are up 7.5% to a new record high of $14.00.

This latest gain means the Codan share price has now rallied 72% higher over the last 12 months.

Why is the Codan share price at a record high?

Investors have been fighting to get hold of Codan shares today following the release of its half year results.

For the six months ended 31 December, Codan reported a 14% increase in sales to a record $194 million. This was driven by a significant jump in metal detection product sales, which offset weakness in communications product sales due to COVID headwinds.

On the bottom line, the company delivered a record half year net profit after tax of $41.3 million. This was up 36% on the prior corresponding period.

At the end of the period, the company had a net cash position of $111 million.

In light of this stellar performance and its strong balance sheet, the Codan board has declared a fully franked interim dividend of 10.5 cents per share. This is an increase of 40% on last year’s interim dividend of 7.5 cents per share. It is also in line with its policy of paying out ~50% of profits as dividends.

Codan’s Chief Executive, Donald McGurk, commented: “I am pleased to announce that our strategy to strengthen and invest in our core business through innovation and geographical expansion continues to deliver exceptional results.” “The strong performance was driven primarily by our metal detection business, with significant growth across both gold and recreational markets.”

Outlook

Although Codan has started the second half strongly, it notes that it is too early to determine if its traditional second-half weighting of sales will occur this year.

In light of this, the Codan Board revealed that it is not in a position to provide full year profit guidance at this point. Instead, it intends to keep shareholders updated as the year progresses.

Management also confirmed that it expects to settle the recently announced $114 million DTC acquisition by end of April 2021. After which, it will commence integrating this new technology business within its Tactical Communications segment.

More reading

• Why the Codan (ASX:CDA) share price is smashing all-time highs
• Why BHP, Codan, Seven West Media, & Zip shares are charging higher

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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 Worley Ltd (ASX: WOR) share price is trading lower today despite announcing a contract win from Chevron. At the time of writing, shares in the global engineering company are down 1.8% to $10.52.

What did Worley announce?

According to its release, Worley advised that it has successfully secured a global contract for early-phase engineering services by Chevron U.S.A through its Chevron Technical Centre division.

Under the agreement, Worley will provide engineering works to Chevron’s global upstream and downstream projects across both onshore and offshore platforms. This will include the use of Worley’s patented digital design and optimization tool, SeleXpress.

Worley noted that the contract will help support its transformation strategy in utilizing digital products and technology applications.

The deal will be executed by Worley’s global consulting business, Advisian. Furthermore, the company’s Houston office will take lead on the project.

What does Worley do?

Established in 1971, Worley is Australia’s largest oil and gas engineering group. The leading global engineering company provides design and project delivery services including maintenance, reliability support services, and advisory services.

The business operates in the energy, chemical, and resources sector.

Words from the CEO

Worley CEO Chris Ashton welcomed the deal, saying:

As a global professional services company, we are pleased that Chevron has selected Advisian to help develop its upstream and downstream capability. This contract continues Worley’s longstanding global relationship with Chevron and supports Worley’s strategic focus on digital transformation and delivering a more sustainable world.

About the Worley share price

Since dropping dramatically to as low as $4.63 during the COVID-19 fallout, the company’s shares have slowly trekked higher. In November, the Worley share price broke the $14 barrier before sinking again.

It’s worth noting that its shares are still close to 25% down from this time last year.

Based on the current share price, Worley has a market capitalisation of roughly $5.55 billion.

More reading

• Oil’s recovery is happening faster than you think: Citigroup
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• ASX 200 rises, Worley dumped, Mesoblast rises
• ASX 200 down 0.2%: Zip Chair steps down, Worley crashes, Blackmores & InvoCare jump

Motley Fool contributor Aaron Teboneras 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 Orora Ltd (ASX: ORA) share price is climbing this afternoon, up 5.86% to an intraday high of $2.90 at the time of writing.

This follows the release of the packaging products and solutions provider’s financial results for the half-year ending 31 December (H1FY21).

What financial results did Orora report?

This morning, Orora reported sales revenue of $1.814 billion, down 1.2% on the H1 FY20 sales revenue results. On a constant currency basis, however, Orora’s sales revenue increased 3.1% over the corresponding half year.

The company reported an underlying net profit after tax (NPAT) before significant items of $91.1 million. That’s an increase of 18.9% on the prior corresponding period. Underlying earnings per share (EPS) increased 20.0% over the corresponding half, to 9.6 cents per share (cps).

Underlying earnings before interest and tax (EBIT) came in at $140.0 million, an increase of 5.2%. On a constant currency basis, the company said that underlying EBIT was up 7.5% compared to H1 FY20.

Operating cash flow of $144.8 million was up 13.8%, or $17.6 million from the previous corresponding period. And net debt fell some $15 million from 30 June to approximately $277 million as at 31 December.

What did management say?

Commenting on the results, Orora CEO Brian Lowe said:

In Australasia, Orora’s market leading beverage business continued its track record of earnings growth. The earnings improvement was predominately driven by strong volumes across cans and closures. Volume gains were partially offset by an unfavourable mix in cans and glass driven by an increase in at home consumption and ongoing higher energy and insurance costs.

In North America, constant currency earnings were higher for both Orora Packaging Solutions (OPS) and Orora Visual (OV), following increased sales force effectiveness and a strong focus on cost control measures.

Lowe noted that COVID-19 in its North American markets had impacted revenue more than what was experienced in Australasia.

Looking ahead, he added, “A preliminary assessment of international beverage footprint expansion is underway, and we continue to actively assess and invest in our future requirements to meet customer and consumer needs.”

Orora will pay an interim ordinary dividend of 6.5 cents per share (cps) unfranked, which is unchanged from H1 FY21.

Orora share price snapshot

Over the past 12 months, the Orora share price is down 20%, having yet to fully recover from the hit it took during last year’s viral selloff in February and March. By comparison, the S&P/ASX 200 Index (ASX: XJO) is down 3% in that same time.

With today’s intraday gains taken into account, year-to-date the Orora share price is up 6.4%.

More reading

• ASX 200 up 0.2%: ANZ and CSL impress, Fortescue declares huge interim dividend
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• The Seven Group (ASX:SVW) share price is slipping today despite dividend bonus
• 5 things to watch on the ASX 200 on Thursday
• ASX 200 dips, EML soars after reporting, Appen sinks

Motley Fool contributor Bernd Struben 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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Coca-Cola Amatil Ltd (ASX: CCL) has reported a 52% drop in statutory net profit after tax (NPAT) in its full-year results.

The company on Thursday morning revealed a $179.9 million statutory NPAT for the year ending 31 December. The big fall from $374.4 million in 2019 was attributed to impairments to its Indonesian, Fijian and Samoan arms.

“While our Indonesian business continued to face challenging trading conditions, contributed to by COVID-19 infection rates remaining high… it was able to deliver positive EBIT and a strong cash flow for the year,” said managing director Alison Watkins.

Excluding the impairments, the ongoing NPAT for 2020 of $340.3 million was still 13.6% lower compared to 2019.

Trading revenue (down 6.1%), ongoing earnings before interest, tax, depreciation and amortisation (EBITDA) (down 9%), ongoing EBIT (down 13.9%) and volume (down 4.2%) also went backwards since 2019. 

“Whilst we were able to partially offset some of the Australian EBITDA decline through our strong cost management initiatives, the lower volumes and revenue resulted in a reduced capacity to absorb fixed costs such as production, sales and support expenses,” Watkins said.

Dividend down and to be deducted from sale price

Coca-Cola Amatil announced it would pay out a dividend of 18 cents per share, which is down from 26 cents this time last year.

The business is currently the subject of a takeover from Coca-Cola European Partners PLC (NYSE: CCEP). Earlier this week the acquisition offer was increased from $12.75 to $13.50 per share.

The fully franked dividend will be deducted from the sale price for each share.

“The final dividend amount was set to allow available franking credits to be returned to Australian shareholders,” said Watkins.

Dividend ex-date	Type	Amount per share	Franking
16.4.2021	Final	18 cents	100%
25.8.2020	Interim	9 cents	0%
25.2.2020	Final	26 cents	0%
26.2.2019	Final	26 cents	50%
27.8.2018	Interim	21 cents	65%
Table created by author

The Coca-Cola Amatil share price is flat on Thursday, nudging up just 0.04% as of mid-afternoon. Its current price of $13.38 is substantially higher than the $11.93 it was fetching one year ago.

The sale of the business to the European bottler has been approved by the Australian Foreign Investment Review Board. The transaction is still waiting for a green light from the New Zealand Overseas Investment Office.

If all goes well, the takeover will complete in early to mid-May.

Performances vary across regions

Watkins said that the South Pacific businesses will continue to suffer in the near term.

“Amatil’s trading performance in Fiji and Samoa continued to be adversely impacted by COVID-19, with expectations that both markets will remain challenged until international travel restrictions are eased.”

In Australia, the change in sales channels in 2020 reflected customers’ behaviour during the pandemic. The grocery channel was up 4.3% for the 2020 financial year and convenience and service stations also increased 0.4% — but sales “on-the-go” were down 16.4%.

More reading

• Why Atomos, Bendigo and Adelaide Bank, Coca-Cola Amatil, & Nearmap are racing higher
• Why is the Coca-Cola Amatil (ASX:CCL) share price gaining today?
• Why the Coca-Cola Amatil (ASX:CCL) share price is pushing higher
• These blue chip ASX shares just hit multi-year highs
• Why the Coca-Cola Amatil (ASX: CCL) share price is in focus today

Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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 Medlab Clinical Ltd (ASX: MDC) share price is on the rise in mid-afternoon trade. This comes after the company announced an agreement with Australia’s largest generic and over the counter pharmaceutical company, Arrotex.

Consequently, at the time of writing, the Medlab share price is fetching 34 cents apiece, up 3.08%.

Below, we take a closer look at the deal between Medlab and Arrotex.

Milestone agreement

Medlab shares are in the green today after reporting an important agreement that will unlock new opportunities for the company.

According to its release, Medlab advised it has entered an exclusive non-binding Heads of Agreement (HoA) with Arrotex.

Under the deal, Arrotex will assist Medlab in accelerating its cannabinoid formulation NanoCBD for development and distribution to Australian pharmacies. This will include fast-tracking its final application with the Therapeutic Goods Administration (TGA). Medlab hopes to position NanoCBD for pharmacist only medicines schedule (S3).

Interestingly, the HoA is the first time a pharma and biotech have formed a partnership to explore medical cannabis prospects in Australia.

The contract, which will include commercial terms, is expected to be finalised before 1 July 2021.

What did management say?

Medlab CEO Dr. Sean Hall hailed the new agreement, saying:

This is a major milestone for both the Australian market and the budding partnership between Medlab and Arrotex. Unlike many CBD producers, Medlab can deliver to the pharmaceutical standards required for TGA approval and this partnership will now enable direct application into clinical practice through Arrotex’s extensive network. There is a clear alignment within both companies to deliver a superior, approved CBD product to Australian patients.

Dr. Hall went on to speak about the company’s novel medicinal candidate, NanoCBD. He added:

A key differentiator of NanoCBD is the proprietary delivery platform NanoCelle that provides faster and more effective absorption of active ingredients into the bloodstream, without the need for needles or pills. It is a commercially viable platform that offer unique opportunities for partnering with some of the biggest players in the pharma industry.

How has the Medlab share price performed?

Shares in Medlab have been on a rollercoaster ride over the past 12 months, riding on volatile swings. Despite the company’s shares being up a mediocre 11% since this time last year, Medlab has mostly recovered compared to its pre-COVID highs.

More reading

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Motley Fool contributor Aaron Teboneras 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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