The Starpharma Holdings Limited (ASX: SPL) share price has been on fire on Thursday following its full year results release.

The dendrimer products developer’s shares jumped to a 52-week high of $1.51 at one stage.

How did Starpharma perform in FY 2020?

As you might have guessed from the strong share price gain, Starpharma was on form in FY 2020 and delivered a solid full year result.

For the 12 months ended 30 June 2020, the company reported a 162% increase in revenue and other income to $7.1 million. This was driven by VivaGel product sales and royalties and a $4.34 million milestone payment by AstraZeneca for the first dose of AZD0466 administered in the phase 1 trial of its first DEP product.

Despite this increase in revenue, Starpharma’s loss increased by $0.4 million to $14.7 million in FY 2020. Management advised that this reflects the expensing of all research and development expenditure and patenting costs associated with VivaGel and DEP programs. The company now has three phase 2 assets in its clinical product portfolio.

Nevertheless, Starpharma finished the year in a strong financial position with a cash balance of $30.1 million.

“An extraordinary period”.

Starpharma’s CEO, Dr Jackie Fairley, commented: “The past year has been an extraordinary period for all of us.”

“While COVID-19 has impacted companies around the world, Starpharma was able to achieve a number of important milestones during the year, including: significant progress with our internal clinical-stage DEP assets with three products now in phase 2; advancing multiple new development programs, including in antivirals and radiotherapy; in addition to several product launches of VivaGel BV in the UK, Europe and Asia,” she added.

COVID-19 nasal spray.

The company also provided some commentary on its SPL7013 product candidate which was tested and found to have significant activity against SARS-CoV-2. This is the coronavirus that causes COVID-19.

Dr Fairley commented: “As the pandemic emerged we also identified an opportunity for a preventative SPL7013 COVID-19 nasal spray. We already knew SPL7013 has broad spectrum antiviral activity, and undertook further testing which established it has significant activity against SARS-CoV-2.”

“In a short period of time we have been able to develop nasal formulations, select a manufacturer and appropriate device components, and have undertaken pilot manufacture. We have also held discussions with regulators and confirmed a rapid development pathway. Feedback from key opinion leaders confirms that a SPL7013 antiviral nasal spray could be an important addition in preventing the transmission of COVID19 and complementing vaccine-based strategies,” she explained.

Outlook.

No guidance was given for the year ahead, but another busy one is expected.

Dr Fairley concluded: “In the year ahead, we will continue to advance our clinical DEP assets and expand our portfolio by moving up our preclinical programs and explore value-adding combinations to increase the market opportunities. Starpharma is well positioned for further growth as we achieve further approvals and launches in our VivaGel portfolio, as well as accelerating the development of our COVID-19 nasal spray.”

More reading

• Starpharma share price bolts 14% on COVID-19 nasal spray
• The Starpharma share price jumps on new partnership deal
• Why Altium, Beach, JB Hi-Fi, & Starpharma shares are charging higher

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 Starpharma Holdings Limited. The Motley Fool Australia has recommended Starpharma Holdings Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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After a few weeks of fury and frenzy over gold prices, ASX investors seem to have moved on to bigger and better things. I get it. When gold falls from record highs of more than US$2,089 an ounce to today’s price of US$1,943, shares like Zip Co Ltd (ASX: Z1P) – which shot up more than 27% just yesterday – are just more interesting. It’s funny how it’s only when an asset is reaching record high prices that everyone wants a piece of the action.

But now that the market for the precious metal has cooled somewhat, is this pullback in the gold price a buying opportunity for gold, gold exchange-traded funds (ETFs) or gold mining shares?

Does gold still glitter?

The gold price is now down around 7% from the all-time highs reached earlier this month on 7 August. Even so, it remains above the previous all-time high of US$1,921 an ounce that held between 2011 and August 2020.

Gold miners (themselves a leveraged bet on the gold price) have also fallen over the past month. The ASX’s largest gold digger Newcrest Mining Ltd (ASX: NCM) is trading for $32.23 today (at the time of writing), down more than 12% since 6 August. Other gold miners have faired similarly. Saracen Mineral Holdings Limited (ASX: SAR) is down 19% over the past month, whilst Northern Star Resources Ltd (ASX: NST) is down more than 15%.

On one level, this isn’t an extraordinary move. Global share markets have had a very good August so far. The S&P/ASX 200 Index (ASX: XJO) is up 3.7% so far this month, whilst the flagship American index the S&P 500 is up 6.5%. Gold is traditionally a ‘risk-off’ asset, which means it tends to fall in value when ‘risk-on’ assets like shares are rising.

But I still think there’s room for the gold price to climb higher. And if I’m right, this small pullback we have seen in August might represent a good buying opportunity if you missed the boat on the last gold rally.

I still think gold has room to climb because the factors that drove gold’s rally from around US$1,519 an ounce at the start of the year to today’s levels haven’t gone away.

The coronavirus pandemic is still (unfortunately) wreaking havoc around the world, despite the recent performance of global share markets.

Central banks are still printing unprecedented levels of monetary stimulus.

And interest rates are still at record lows, both in Australia and around the world.

Foolish takeaway

If this current rally that we’re seeing in shares abates, I would expect interest in the gold price to pick up once more. And if that happens, it might be too late to get in at the prices that gold-related assets are seeing today. Long story short, if you want to have some exposure to gold in your portfolio but you missed your chance last time, today might be a good day to take the plunge.

More reading

• ASX 200 jumps 0.7%: Afterpay reaches 9.9 million customers, Woolworths strong sales growth
• Why the IGO share price is outperforming the ASX 200 today
• Why Bega Cheese, De Grey Mining, Northern Star, & Reece are storming higher
• Why this ASX tech ETF can ride the market gains higher
• Why the CBA share price could surge this morning

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

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The Sezzle Inc (ASX: SZL) share price is on the rise again today, up 1.5% in early afternoon trading. That puts Sezzle’s share price gain just shy of 52% so far in August. And shares have gained 523%, year-to-date.

In comparison, the All Ordinaries Index (ASX: XAO) is up 4.5% in August and down 7.0% in 2020.

With its blistering year-to-date share price gain, you might think Sezzle was somehow immune to the COVID-19 panic selling that rattled most shares on the ASX. Yet Sezzle suffered even more than most, putting the faith of its loyal shareholders to the ultimate test when its share price crashed 80% from 27 February through to 23 March.

Shareholders with the nerve to hold on — or those fortunate enough to buy on 23 March — were amply rewarded though. Sezzle’s share price is now up 2,697% from that low. Yes, you read that right.

What does Sezzle do?

Sezzle is a leading company in the booming buy now, pay later (BNPL) field, listed on the ASX and based in the United States. The company’s technology provides a payments platform for simple and secure payments between retailers and their customers.

Sezzle’s BNPL model allows customers to purchase products interest free, repaying the money via a short-term instalment plan over 4 equal payments spread across 6 weeks. The first payment is made at checkout with the rest paid on a fortnightly basis. The retailers receive the purchase price from Sezzle, for which Sezzle charges a processing fee.

The company has expanded rapidly in the BNPL space, with roughly 1.5 million active users and more than 16,000 participating retailers globally.

Sezzle shares first traded on the ASX in August 2019.

Why has the Sezzle share price soared 52% in August?

There’s no single reason pointing to Sezzle’s remarkable share price performance this month, and indeed since 23 March.

Sezzle operates in the fast growing BNPL space. And investors are pricing considerable future growth into the trend of paying for your purchases in interest free instalments.

The company has been performing well, reporting a 57.5% increase in its underlying sales for the June quarter. Its $86 million capital raising included a $7.2 million share purchase plan for eligible shareholders. On 7 August the company announced the plan was oversubscribed, indicating the strong ongoing interest in the BNPL provider.

The Sezzle share price will be one to watch next week. The company reports its half year results for the year ending 30 June on Monday 31 August.

More reading

• Where to invest in a ‘rip-roaring’ share market rebound
• 3 ASX shares to turn $10,000 into $100,000
• Flexigroup share price in trade halt ahead of capital raise
• 4 exciting ASX tech shares surging higher today
• Afterpay share price hits new, all time high

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

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The Ardent Leisure Group Ltd (ASX: ALG) share price has dropped this morning after the theme park operator revealed a $136 million loss thanks to the impacts of COVID-19. The theme park operator was forced to close its venues in response to coronavirus, blowing a hole in its bottom line.

Ardent operates the popular Dreamworld theme park, as well as Whitewater World, Sky Point, and Main Event centres in the United States. 

What did Ardent Leisure Group report? 

Ardent reported group revenue of $398.3 million for FY20, down from $483.3 million in FY19. The $85 million reduction was due to the temporary closure of venues in response to social distancing and other measures to stop the spread of COVID-19. This was partially offset by a 1.9% increase in Main Event constant centre revenue. Encouraging signs of recovery were observed prior to the onset of COVID-19. But focus quickly turned to capital management and securing capital for the business as the pandemic escalated. 

Main Event revenue declined 21.7% due to the temporary closure of centres, partially offset by new centres openings and revenue growth in existing centres prior to closures. Centres have been progressively reopened in May and June with 38 centres reopened at 30 June 2020. Post opening trading results have been soft as consumers remain cautious of the pandemic. 

The theme parks division reported trading revenue of $54.5 million for the year, down 18.8%. The division incurred an earnings before interest, taxes, depreciation and amortisation (EBITDA) loss of approximately $24 million, compared to an EBITDA loss of $19.8 million in FY19. Ardent received $5.9 million in government support in the form of the JobKeeper subsidy. Overall, Ardent reported an EBITDA loss of $22.8 million after accounting for AASB16 lease adjustments. 

Ardent reported a net loss after tax of $136.6 million, which comes on top of a $60.9 million loss in FY19. Unsurprisingly, no dividend was declared. RedBird Capital recently invested in the US business, giving it $129 million of available cash. The theme parks division has approximately $100 million of funding available to it consisting of cash and a recent $66.9 million Queensland Government loan. 

What is the outlook for Ardent Leisure Group? 

Uncertain and challenging conditions are expected to continue in FY21, but Ardent believes demand for out-of-home family entertainment will be stronger than ever once the pandemic subsides. The funding from RedBird and the government has ensured Ardent is well positioned for future growth once market conditions start to improve.

At the time of writing, the Ardent Leisure share price is down 3.30% to 44 cents per share.

More reading

• Ardent Leisure share price has wild ride following 23% surge last week
• These were last week’s best performing ASX shares
• Ardent Leisure share price on watch following government assistance
• Village Roadshow locked in a capital raise as it secures new $70m facility

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

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The Australian share market is well into the green today, with the S&P/ASX 200 Index (ASX: XJO) up 0.6% at the time of writing.

The share price gains on the ASX follow on another strong day in the United States. The S&P 500 Index (INDEXSP: .INX) closed up 1.0% and the tech-heavy Nasdaq Composite (INDEXNASDAQ: .IXIC) gained 1.7% yesterday (overnight Aussie time). Both indexes hit new record highs.

That’s a good reminder of why you should consider investing some of your money outside of the ASX. (I explain why in greater detail in this article, penned yesterday.)

Tech companies continue to benefit from the same COVID-19 mitigation measures that are still hampering travel, entertainment and hospitality share prices. The trend of people working, shopping and socialising from home saw the big US tech companies — the ‘FAANG’ stocks — all close at their own record highs.

Having capitalised on the explosive growth in the demand for streaming video during the age of social isolation, the Netflix Inc (NASDAQ: NFLX) share price gained a whopping 11.6% yesterday. That brings Netflix’s year-to-date share price gain to 66%.

But in an encouraging sign that record share market gains aren’t limited to US shares, the global basket of stocks in the MSCI All-Country World Index also hit all-time highs.

Created by MSCI Inc, the All-Country World Index mirrors the performance of more than 2,700 small- to large-cap shares around the globe, from 23 developed and 24 emerging markets.

With all these gains already on the board, it’s fair to wonder how long this bull can keep sprinting.

The answer, according to David Donabedian, chief investment officer of CIBC Private Wealth Management, is quite some time.

As quoted by Bloomberg, Donabedian says: “The continued market juggernaut is certainly impressive. The idea that we’re going to have a rip-roaring rebound in the third quarter has been supported by the data.”

With record low interest rates, government fiscal stimulus, and central bank quantitative easing (QE) likely to remain in place for the foreseeable future, a ‘rip-roaring’ third quarter share market performance certainly looks achievable.

But with momentum investors helping drive companies like Afterpay Ltd‘s (ASX: APT) share price up 185% year-to-date, and competing buy now, pay later (BNPL) company Sezzle Inc‘s (ASX: SZL) share price up 512% this year, you’d be forgiven for wondering if value investing is well and truly dead.

Value investing in the 2020s share markets

As reported by the Australian Financial Review (AFR), research by Morgan Stanley showed the value factor returned -23% for the year to 14 August, while the growth factor returned 10%.

That’s not a good outcome for diehard value investors. But it hasn’t deterred Anthony Aboud, the portfolio manager for Perpetual’s Pure Alpha hedge fund, focused on value investing.

In an investor letter, Aboud wrote (as quoted by the AFR):

Value investing does not mean buying structurally broken businesses because they trade at low price to earnings multiples. It means getting into the weeds and scouring for quality companies which generate sustainable cash flows that aren’t always obvious at first glance.

As fundamental investors, we are trying to identify well-managed, great businesses with a good longer-term growth profile that may not be obvious to the naked eye…

Value investors will minimise risk by waiting and buying those shares at a discount. This discount usually occurs when short-term issues cloud the market’s perspective about the long-term underlying value…

In this market, buying at any price is working and the buying discipline is leaving fundamental (value) investors well and truly behind…

When it comes to some of the ASX best performing shares, like AfterPay and Sezzle, Anthony Aboud believes their moats, or barriers to entry, might not hold back the incoming tide of competitors for long.

“I would argue we will see the competitive landscape become more crowded for BNPL companies or investment platforms over the next five years,” he stated.

AI puts a new spin on value investing

As we march into the 2020s, the definition of value is coming under the microscope.

Specifically, how do you value intangible assets, like expenditures on research and development, over simply adding up a company’s capital. In a world where knowledge is increasingly valuable, even an AI system geared for value investing turned to what many would consider growth plays.

As Bloomberg reports, last week Qraft Technologies filed to create the Qraft AI-Enhanced US Next Value ETF. In back testing, the system had a gain for 13% for the year through July while the S&P 500 Value Index lost 3% over that same time.

So what were the top 3 holdings in the Qraft ETF?

Amazon.com Inc., Alphabet Inc. and Facebook Inc.

Addressing the seeming disconnect between these holdings and traditional value shares, founder Hyungsik Kim wrote in an email (quoted by Bloomberg):

Intangible assets have become a more important factor in the actual value of the company due to the development of information technology. It is easy to tell which of the following is more important in measuring the value of Amazon: warehouses (tangibles) or automated logistics systems (intangibles).

As times change, we investors need to adapt. And when it comes to momentum (growth) investing versus fundamental (value) investing, I believe a flexible strategy could deliver the best share price gains in a diversified portfolio.

More reading

• The Sezzle share price is up a sizzling 52% in August and still going strong
• ASX 200 jumps 0.7%: Afterpay reaches 9.9 million customers, Woolworths strong sales growth
• 3 ASX shares to turn $10,000 into $100,000
• Afterpay share price in focus after stellar FY 2020 result
• 5 things to watch on the ASX 200 on Thursday

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Amazon, and Facebook. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Sezzle Inc and recommends the following options: short January 2022 $1940 calls on Amazon and long January 2022 $1920 calls on Amazon. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), Amazon, Facebook, and Sezzle Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Even though many shares have recovered after the 2020 stock market crash, there are numerous risks still present. They include ongoing coronavirus cases, as well as political risks such as Brexit and the US election. As such, the threat of a second downturn for stock prices remains high.

While this may cause challenges for investors in the short run, it may provide buying opportunities for the long run. Therefore, preparing for a period of stock market instability now could pay off via high returns in the coming years.

The potential for a second stock market crash

As mentioned, the threat of another stock market crash remains high. Share prices across multiple sectors have surged higher in the past few months despite a continued rise in coronavirus cases across the world. Therefore, some shares may prove to be overvalued, since there is the potential for additional lockdown measures to come into force to curb the pandemic that could negatively impact on their financial prospects.

Furthermore, political risks in Europe and North America could rise significantly in the latter part of 2020. In the US, the election may cause investors to become more cautious about the outlook for the economy. Fiscal policy changes could shift investors towards less risky assets, and cause them to re-evaluate their valuations of stocks in a variety of industries. Similarly, Brexit could lead investors to demand a wider margin of safety when buying stocks. Brexit is a known unknown that may lead to greater risk aversion among investors that forces stock market indexes lower.

An omnipresent threat?

Of course, the threat of a stock market crash is always present. Some catalysts that cause share prices to decline sharply cannot be foreseen. For example, one-off events can cause investor sentiment to change rapidly. Therefore, investing even when the outlook for the economy and stock market is relatively subdued does not necessarily mean that investors will avoid paper losses in the short run.

However, the scale of risks currently present means that investors may wish to focus their capital on companies and sectors that have a better chance of surviving what could be a difficult economic period. For example, those businesses that have modest debt levels and wide economic moats may be better able to withstand a period of lower sales and profitability.

Through buying such companies, you may be in a strong position to not only overcome a second stock market crash, but to generate high returns in the long run. After all, the stock market’s track record of recovery from even its very worst bear markets suggests that buying high-quality companies while the economic outlook is uncertain can be a logical strategy. Therefore, while the prospect of a downturn may cause fear among some investors, it can allow long-term investors to capitalise on attractive valuations across the stock market.

More reading

• The Sezzle share price is up a sizzling 52% in August and still going strong
• Ardent Leisure share price falls as Dreamworld owner reports $136 million loss
• Where to invest in a ‘rip-roaring’ share market rebound
• Why Appen, Link, LiveTiles, & Zip shares are dropping lower
• Regis share price drops on poor FY20 results

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

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The S&P/ASX 200 Index (ASX: XJO) is back on form on Thursday and is charging higher At the time of writing the benchmark index is up 0.5% to 6,146.8 points.

Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:

The Appen Ltd (ASX: APX) share price is down 11% to $38.71. Investors have been selling Appen’s shares following the release of its half year results. Although the artificial intelligence services company delivered strong sales and statutory earnings growth, investors appear to have been betting on a guidance upgrade. However, management has held firm with its full year guidance of underlying EBITDA in the range of $125 million to $130 million

The Link Administration Holdings Ltd (ASX: LNK) share price has dropped 9% to $4.00. This follows the release of a disappointing full year result for FY 2020. Although Link posted only a 3% decline in revenue to $1.23 billion, things were much worse on the bottom line. The administration services company delivered a statutory net loss after tax of $114 million. This was driven by a $108 million impairment of its corporate markets business in Europe.

The LiveTiles Ltd (ASX: LVT) share price has fallen 3.5% to 22.2 cents. Investors have been selling the intranet and workplace technology software provider’s shares after the release of its full year results for FY 2020. Although LiveTiles almost doubled its revenue in FY 2020 to $44.5 million, its operating costs are still materially higher than revenue at $76.2 million. This led to LiveTiles posting a net loss after tax of $31.6 million.

The Zip Co Ltd (ASX: Z1P) share price is down 5% to $9.13. This is despite the release of a strong full year result this morning. In FY 2020, Zip Co reported a 91% increase in total revenue to $161 million. I suspect that some of this decline can be attributed to profit taking after a very strong gain a day earlier following its eBay announcement.

More reading

• ASX 200 jumps 0.7%: Afterpay reaches 9.9 million customers, Woolworths strong sales growth
• Zip share price plummets 8% despite strong FY 2020 result
• Link Administration share price slides 6% on “challenging” FY20
• LiveTiles share price drops lower on $31.6 million loss
• Appen share price on watch after delivering a strong half year result and reaffirming guidance

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 Link Administration Holdings Ltd, LIVETILES FPO, and ZIPCOLTD FPO. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Link Administration Holdings Ltd and LIVETILES FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Regis Healthcare Ltd (ASX: REG) share price has dropped 3.7% today following the release of FY20 results.

Regis Healthcare is an aged care provider. Through its services and facilities, Regis provides residential, respite and dementia care to help residents and home care clients. The company operates 63 facilities with 7,078 aged care places across all states and the Northern Territory.

How did Regis perform in FY 2020?

The Regis share price was hit hard by the COVID-19 pandemic in the second half of FY 2020, suffering a number of coronavirus outbreaks in its aged care facilities. Notably, the second wave of cases in Melbourne has affected 5 Victorian homes, where 74 people were infected and 10 residents have died.

For the year ended 30 June 2020, the healthcare provider saw underlying net profit after tax (NPAT) drop to $21.5 million, a decline of 54.4% on pcp. Regis grew total revenue from services to $677.87 million but this was largely due to additional government funding in June.

The group faced employee and other cost increases in FY2020. In addition, Regis incurred direct COVID-19-related costs of approximately $3.465 million. These included purchase of  additional protective and cleaning equipment. The company said it had incurred more COVID-19 related expenses since 30 June 2020.

Occupancy rates across residential aged care homes have dropped from 91.7% last year to an average of 90.3%. This is a worrying sign for a company already battling with increased costs.

Net cash flow from operating activities were reported at $127 million, down a huge 42% from the year before. Net cash inflows were negatively impacted by reduced earnings, lower contribution from 2019 ramp up homes that have been approaching mature occupancy levels, and the pandemic impact.

During the year, Regis repaid $71.0 million of bank borrowings. In a small positive, the company’s net debt of $236.7 million is a 22% decrease on the previous corresponding period. The company has debt facilities of $520.0 million, of which approximately $278.2 million remains undrawn.

What now for the Regis share price?

Given the current economic environment and the ongoing impact of the Royal Commission into Aged Care Quality and Safety, the Regis board has declined to put forward earnings guidance at this stage. A business update will be provided at the annual general meeting on 27 October.

The Regis share price has tumbled in 2020, falling 48% so far this year. At the time of writing, the Regis share price is trading at $1.30, a 3.7% drop since the market opened today. 

More reading

• Why Appen, Link, LiveTiles, & Zip shares are dropping lower
• ASX 200 jumps 0.7%: Afterpay reaches 9.9 million customers, Woolworths strong sales growth
• Atlas Arteria share price up 5% despite earnings hit
• Why the IGO share price is outperforming the ASX 200 today
• Is the Xero Ltd share price a buy at $100?

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

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At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) is back on form and storming higher. The benchmark index is currently up 0.7% to 6,159.7 points.

Here’s what has been happening on Thursday:

Afterpay delivers more strong growth.

The Afterpay Ltd (ASX: APT) share price is trading flat at lunch following the release of its full year results. The buy now pay later provider was on form again in FY 2020 and delivered a 112% increase in underlying sales to $11.1 billion. This strong result was driven by increased repeat usage and a 116% lift in active customers to 9.9 million. In addition to this, the company spoke about its expansion plans. As well as launching in Canada and Europe, management revealed that it is looking into expanding into select Asian markets in FY 2021.

Woolworths pushes higher on FY 2020 result.

The Woolworths Group Ltd (ASX: WOW) share price is pushing higher on Thursday following the release of its FY 2020 results. Woolworths reported an 8.1% increase in sales to $63,675 million for the 12 months. This was driven by strong sales growth across all businesses but its Hotels business. Online sales were particularly strong, growing 41.8% across its brands to $3,523 million. Pleasingly, Woolworths has reported strong sales growth for the first 8 weeks of FY 2021.

Appen share price sinks on half year update.

The Appen Ltd (ASX: APX) share price is sinking lower today after the release of its half year results. Although the artificial intelligence company delivered strong sales and statutory earnings growth, it only reaffirmed its guidance for the full year. I suspect a recent surge in the Appen share price is an indication that many investors were expecting an upgrade.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Thursday has been the Steadfast Group Ltd (ASX: SDF) share price with an 8% gain. This may be down to a broker note out of Credit Suisse. This morning it retained its outperform rating and lifted its price target to $3.80. The worst performer is the Appen share price with a 12% decline following its aforementioned half year update.

More reading

• Why Appen, Link, LiveTiles, & Zip shares are dropping lower
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO, Appen Ltd, and Woolworths Limited. The Motley Fool Australia has recommended Steadfast Group Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Atlas Arteria Group (ASX: ALX) share price is trading higher this morning following the release of the company’s HY20 results. At the time of writing, the Atlas Arteria share price is up 5.18% from yesterday’s closing price of $6.37.

The group owns, operates and develops toll roads globally which have been significantly impacted by COVID-19 related government restrictions. 

Half year results

Traffic was heavily impacted by government restrictions during the first half of 2020. As a result, net profit after tax (excluding notable items) decreased 90% on the prior corresponding period (pcp) to $9.1 million. 

After notable items, statutory net loss from operations after tax was $123 million, mainly driven by impairments of $152 million. However, the impact of the impairment was reduced somewhat by foreign exchange and income tax benefits leading to the $123 million loss. The boards of Atlas Arteria and Atlas Group decided to impair their investments in Dulles Greenway, located in north Virginia, United States.

Toll revenue fell nearly 32% to $49.61 million, from $72.76 million in the pcp. 

Additionally, the final distribution for 2019 was cancelled and the cash has been used to repay the existing debt facility.

Outlook

Traffic has somewhat recovered in Europe following the easing of government restrictions. As a result, from mid-May, traffic rebounded strongly in France and Germany after restrictions were lifted there. However, traffic on Dulles Greenway continues to be impacted by lower commuter travel.

Atlas Arteria CEO, Graeme Bevans, said:

While traffic in all markets was impacted by government mandated movement restrictions, traffic in France, our key market, has rebounded strongly since lockdown restrictions were eased.

Although we are still in uncertain times, Atlas Arteria’s balance sheet has never been stronger. The corporate balance sheet had around $216 million in liquidity following receipt of the $75 million from the security purchase plan in early July. With no corporate debt, we have ample liquidity, strong cash flows from improving traffic at APRR, and we are well placed to pursue growth opportunities as they arise.

Additionally, following the cancellation of the company’s 2H19 distribution in May 2020, it has reinstated distribution guidance for 1H20 of 11 cents per security. This is as a result of the business cash flows Atlas Arteria expects from APRR, a motorway located in France. However, the distribution is dependant on business performance. 

Currently, the Atlas Arteria share price is trading at $6.70 which is more than 5% up on yesterday’s closing price. The Atlas Arteria share price is down 21.5% from its 52-week high of $8.54.

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

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