Tag: Motley Fool

The Treasury Wine Estates Ltd (ASX: TWE) share price is having a shaky trading session so far this Tuesday. At the time of writing, Treasury Wine shares are going for $13.135 each, up 0.11% so far today.

That’s certainly not as pleasing as the performance of the broader S&P/ASX 200 Index (ASX: XJO). The ASX 200 is currently up by 0.41% at just under 7,000 points.

Indeed, it hasn’t been a great time of late for Treasury Wine. The company delivered its full-year earnings report back on 18 August. As we went through at the time, this saw Treasury report a 3.6% drop in revenues for FY22 to $2.48 billion.

But earnings rose 2.6% to $523.7 million, while net profit after tax (NPAT) increased by 4.2% to $322.6 million. Even so, investors don’t seem too delighted with these results. That’s going off how the Treasury share price has lost around 1.8% since they were released.

But let’s talk about Treasury’s latest dividend. During its earnings report, Treasury announced that its final dividend for FY22 would come in at 16 cents per share, fully franked.

That was a healthy 23% rise on last year’s final dividend. It brings the FY22 total to 31 cents per share, a pleasing rise on FY21’s total of 28 cents per share.

So what do investors need to do to secure this upcoming dividend?

How to crack Treasury Wine shares’ latest dividend

Well, they will need to act fast, for one. Treasury Wine shares are scheduled to trade ex-dividend for this upcoming payment tomorrow, 31 August.

That means that any investor who is set on receiving this payment will need to own Treasury Wine shares by the end of this trading day.

Eligible investors will then receive the payment on 30 September next month.

Treasury shareholders will have the option to receive this dividend in either cash or in the form of new shares under the company’s dividend reinvestment program (DRP).

Treasury’s DRP will be operating for this dividend. But investors won’t enjoy any share price discount for reinvestment.

At the current Treasury Wine Estates share price, this ASX 200 share will have a dividend yield of 2.37% when the dividend is doled out next month.

The post Hoping to crack open the next Treasury Wine dividend? Read this appeared first on The Motley Fool Australia.

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More reading

• 5 ASX 200 shares turning ex-dividend on Wednesday
• Brokers name 2 ASX growth shares to buy now
• Top brokers name 3 ASX shares to buy next week
• Treasury Wine share price celebrates Friday with a more than two-year high
• Here are the top 10 ASX 200 shares today

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

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The Santos Ltd (ASX: STO) share price is gaining steam on Tuesday.

At the time of writing, investors have pushed the share 1.85% higher to $8.00 despite no market-sensitive news. Soon after market open, it hit a high of $8.12, a gain of 3.44% on Monday’s market close.

Meanwhile, Brent Crude oil has also reversed off six-month lows to now trade at US$104/bbl, back in line with July ranges as seen below.

What’s up with the Santos share price?

The strength in oil since August 16 has been a net positive for ASX energy players, who have also caught a bid since then.

The S&P/ASX 200 Energy Index (ASX: XEJ) has lifted nearly 11% in the past month of trade as well. It remains in the green across all timeframes, despite its volatility.

However, there remain concerns around supply and demand.

“Brent crude futures climbed to $105 per barrel on Monday, after a 4.4% gain last week, as investors balance supply-side issues against fears that a prolonged global economic slowdown will hurt fuel demand,” Trading Economics reported.

Meanwhile, Santos did release an announcement stating that it had shored up additional liquidity by extending its two syndicated bank loan facilities.

In total, this provides Santos with US$1.25 billion in liquidity via the debt issued under these loans. It will pay a floating rate of the Secured Overnight Funding Rate (SOFR) plus 1.3% to 1.5%.

“This is an excellent result for Santos, showing strong support from our bank lenders and
demonstrates our ability to access bank debt at competitive terms,” Santos chief financial officer Anthea McKinnell said.

“With these facilities in place, we now have no significant corporate debt maturities until 2027.”

What else happened today?

The rise in the Santos share price comes amid fellow ASX oil share Woodside Energy Group Ltd (ASX: WDS) releasing its FY22 half-year earnings.

As The Motley Fool reported earlier today, Woodside’s net profit after tax soared by 400% and the company tripled its interim dividend from 30 US cents to US$1.09. The Woodside share price is currently up 1.73% to $35.96.

The Santos share price remains up 31% over the past 12 months and 27% this year to date.

The post What’s boosting the Santos share price on Tuesday? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Tuesday
• What’s going on with the Santos share price today?
• 5 things to watch on the ASX 200 on Monday
• Up 13% in a month, is the Santos share price still attractive?
• Earnings highs and lows, and energy policy in focus. Scott Phillips on Nine’s Late News

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

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The Nitro Software Ltd share price (ASX: NTO) is in a trading halt on Tuesday.

Shares of the document productivity company are currently frozen at $1.13 each — the price they closed at on Monday.

Let’s look into why the company’s shares are not trading today.

Nitro trading halt

Nitro Software requested a trading halt this morning. The company said the trading of its shares should be suspended while it waits to receive a proposal relating to a potential change of control transaction.

There are several things a change of control transaction could mean in this scenario but, usually, it involves transferring assets from one entity to another.

The halt was requested until Nitro Software either makes the intended announcement from the proposal or until the start of trade on Wednesday.

Yesterday, Nitro shares closed more than 6% lower amid the company posting a $25 million loss in its earnings report for FY22.

Nitro share price snapshot

The Nitro share price is down around 55% year to date. By comparison, the S&P/ASX 200 Index (ASX: XJO) is around 8% lower over the same period.

The company’s current market capitalisation is $276 million.

The post Why is the Nitro Software share price halted today? appeared first on The Motley Fool Australia.

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More reading

• Nitro Software share price plunges 7% amid $25 million loss
• Here are 2 exciting ASX growth shares tipped as buys by analysts
• 2 exciting small cap ASX shares to buy according to brokers
• Goldman Sachs names 2 small cap ASX shares to buy with 80%+ upside

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

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The Cettire Ltd (ASX: CTT) share price shot up on Tuesday morning after its 2022 financial results revealed explosive growth.

The stock was up 16% at one stage, but has settled down to $1 at the time of writing for a gain of 13.7%.

What did the company report?

• Revenue up 127% to $209.9 million
• Net loss after tax up 7,494% to $19 million
• Active customers up 127% to 260,249
• 50% of gross revenue is from repeat customers, compared to 40% in FY2021
• Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) at negative $21.5 million, from positive $2.35 million in FY2021

The company attributed the huge earnings dip to “significant investment to scale platform”. 

What else happened in FY22?

In February, Cettire celebrated a deal with Chinese e-commerce giant JD.com Inc (NASDAQ: JD) that was meant to open up a $150 billion addressable market. The retailer also launched a beauty vertical in January, which got its foot in the door of a $100 billion global addressable market.

In the background the company continued to invest in its systems to scale it out for growth.

What did management say?

Founder and chief executive Dean Mintz said:

In FY22, Cettire continued its rapid scaling. Sales revenues have increased almost 10x in the last 2 years as our proposition has gained traction and we have invested to capture the global market opportunity. We finished the FY22 year with much stronger foundations than the beginning of the period. 

During FY22, we made significant advancements to our technology platform. We now own the technology stack across the end-to-end customer journey, having launched and migrated all traffic to our proprietary storefront software. This is a major milestone and provides significant incremental functionality and flexibility to support our global growth. 

What’s next?

While the company gave no specific guidance for the 2023 financial year, it did forecast EBITDA would turn positive.

Mintz said:

Our greater scale has facilitated rapid growth in our supply chain, which in turn enables us to better serve and attract more customers. We have also secured improved terms with some of our partners which support better unit economics over time. Cettire is a business that will only get better and stronger as we grow.

We’re really excited and encouraged by the early FY23 results achieved during July and August. We have observed continued strong revenue growth as our marketing continues to optimise following adjustments to our operating settings. It is pleasing to see that our increased emphasis on profitable growth is already delivering results based on July’s trading performance, and we have demonstrated in prior financial years that the business can generate healthy profits when it is operated to do so. We have a nimble and flexible business model with a largely variable cost base and minimal inventory risk. This enables us to adjust quickly to market conditions and optimise performance.

Looking ahead, successfully launching in China and beauty remain key focus areas within our growth strategy into FY23.

Cettire share price snapshot

Cettire was well-received by the market in the first half for its explosive growth, sending the shares up about 60% to their mid-November peak. The newcomer actually overtook established e-commerce peer Kogan.com Ltd (ASX: KGN) by market capitalisation in September.

But like many growth stocks, it’s been a sorry story in the second half. The Cettire share price has fallen more than 73% since the start of 2022.

It hasn’t helped that there has been constant speculation that Mintz would offload his shares as soon as escrow restrictions would allow.

And indeed in March, he did exactly that. Mintz sold down 35 million shares in the company, which represented an astounding 9.18% of the issued capital at the time.

The post Cettire share price takes off after 127% revenue jump appeared first on The Motley Fool Australia.

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More reading

• Could these devastated ASX shares make a roaring comeback?
• Are the stores themselves on sale?

Motley Fool contributor Tony Yoo has positions in Cettire Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Cettire Limited and Kogan.com ltd. The Motley Fool Australia has positions in and has recommended Kogan.com ltd. The Motley Fool Australia has recommended Cettire Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Bubs Australia Ltd (ASX: BUB) share price is down 4.1% at the time of writing, having earlier posted losses of more than 5.5%.

Bubs shares closed yesterday trading for 61 cents and are currently trading for 58 cents.

This comes as investors are mulling over the infant formula company’s full-year results for the 12 months ending 30 June (FY22).

What are ASX investors considering?

After posting gains for the last three trading days, the Bubs share price is heading in the other direction today.

That’s despite the company reporting record gross revenue of $104.2 million in FY22, up 123% from the prior year.

Investors may be questioning the long-term sustainability of that revenue increase, however. As The Motley Fool reported earlier today, gross revenue rocketed during the second half of the financial year, when the United States was running short of infant formula.

Bubs was able to partner with major US retailers to sell its formula in the US. This helped drive a 202% increase in the company’s international sales from the prior year.

But with US formula producers returning to full production, investors may be pondering the uncertainty around future sales growth in that key market.

The Bubs share price also could be under some pressure as the company is still loss-making. Though, the loss after tax fell to $11.4 million in FY22, down from $74.7 million in FY21.

While management flagged earnings growth for FY23, without offering specifics, in an era of higher interest rates, future earnings come with a higher present cost. Hence ASX growth shares have more broadly come under pressure this year.

Bubs share price snapshot

The Bubs share price has been a strong outperformer in both the calendar year and over the past full year.

So far in 2022, Bubs shares are up 24%, compared to a 9% loss posted by the All Ordinaries Index (ASX: XAO). And over the past 12 months, the Bubs share price has leapt 43% higher, while the All Ordinaries has fallen 7%.

The post Why is the Bubs share price down 4% after reporting strong FY22 growth? appeared first on The Motley Fool Australia.

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More reading

• Bubs share price on watch as full-year revenue blasts 127% higher

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

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The Best & Less Group Holdings Ltd (ASX: BST) share price is well in the green this morning following the release of the company’s FY22 results.

At the time of writing, the clothing retailer’s shares are trading 4.96% higher at $2.75 apiece after hitting a high of $2.81 a share shortly after market open.

Let’s check the company’s results.

Best & Lest shares lift as online sales grow

Key takeouts from the company’s earnings include:

• Revenue of $622 million, down 6.2% from $663 million
• Like-for-like (LFL) sales, also known as same-store sales, were down by 0.7% year on year, but up 9.1% versus FY20
• Online sales growth of 15.6% versus this time last year to $69.7 million
• Gross profit margin of 49.1%, stemming an EBITDA margin of 10%
• Pro forma EBITDA of $62.5 million compared to $71.6 million in FY21
• Net cash position of $36 million
• Final dividend of 12 cents per share declare, fully franked dividend yield of 8.8% based on 29 August closing price
• Total dividend of 23 cents per share for FY22

What else happened this period for Best & Less?

Despite numerous challenges affecting supply chains and overall product supply, notwithstanding COVID-19 headwinds, the company grew its gross margin 20 basis points year on year.

Online sales were the standout with around a 16% year-on-year gain that also contributed around 11% of total sales, up from 9.2% the year prior.

Growth also benefited from a strong performance from the company’s core non-discretionary product lines. These continue to drive significant volume for the business, Best & Less said.

Meanwhile, a 12 cents per share dividend was declared on a roughly 80% payout ratio. This brings the total dividend to 23 cents per share for FY22.

Management commentary

Speaking on the results, Best & Less chief executive officer Rodney Orrock said:

After losing over 21% of total trading days in the first half due to COVID-related store closures, I am pleased to report a strong second half performance. Our team kept their eyes on the ball, doing a great job to control the things that could be controlled, delivering significantly higher sales and strong margins, while continuing to provide superb service to our customers.

What’s next for Best & Less?

The company has started FY23 well. It said:

Through eight weeks of trading in H1 FY23, total sales were +38.0% on the [prior corresponding period] PCP. LFL sales were +1.4% overall, with store LFL sales +7.5% and online sales -29.1%, noting that sales in the PCP were impacted by lockdowns and trading restrictions in several states.

Best & Less share price snapshot

The Best & Less share price is down almost 33% this year to date but only 2.5% lower than this time last year.

The company’s share price has climbed 17% in just the last month.

Best & Less has a current market capitalisation of around $346 million.

The post Best & Less share price surges 7% on sharp FY22 results appeared first on The Motley Fool Australia.

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More reading

• Why is the Bubs share price down 4% after reporting strong FY22 growth?
• Bravura Solutions share price slides 8% amid profit downfall
• SILK Laser share price surges as FY22 earnings beat guidance
• Airtasker share price slides 5% on net loss
• Why is the PointsBet share price rising on Tuesday?

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

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

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

Let’s go over the report’s highlights.

Bravura Solutions share price falls as earnings slump

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

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

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

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

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

What else happened in FY22?

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

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

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

What did management say?

Bravura Solutions chief executive officer Libby Roy said:

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

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

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

What’s next?

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

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

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

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

Bravura Solutions share price snapshot

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

Bravura has a market capitalisation of $398.61 million.

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

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More reading

• SILK Laser share price surges as FY22 earnings beat guidance
• Airtasker share price slides 5% on net loss
• Why is the PointsBet share price rising on Tuesday?
• Why is the Evolution Mining share price on the rocks today?
• Link share price marching higher on revenue boost

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

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The SILK Laser Australia Ltd (ASX: SLA) share price is soaring after the company posted its earnings for financial year 2022 (FY22).

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

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

SILK Laser share price gains as revenue lifts 38%

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

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

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

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

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

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

What else happened in FY22?

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

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

What did management say?

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

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

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

What’s next?

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

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

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

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

SILK Laser share price snapshot

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

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

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

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

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More reading

• 2 ASX shares this fund manager thinks fits the bill for ‘undervalued growth’
• 2 ASX shares to buy that have halved this year

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

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

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

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

Airtasker results highlights

Highlights of Airtasker’s FY22 presentation include:

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

What else did the company report?

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

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

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

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

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

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

Airtasker completed the acquisition of Oneflare on 25 May 2022.

Management comment

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

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

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

Airtasker share price snapshot

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

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

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

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

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

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

Let’s take a look at the details.

PointsBet share price up after Kansas operations approved

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

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

The approval is still subject to a final launch authorisation.

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

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

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

What did management say?

PointsBet Group CEO and managing director Sam Swanell said:

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

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

What’s next for the PointsBet share price?

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

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

This implies a potential 60% upside for ASX investors.

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

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

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

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