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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

To put it lightly, the first half of 2022 has been a challenging year in the stock market. Between the major indexes being down double-digit percentages year to date, blue-chip companies seeing their stocks plunge, and portfolios losing value seemingly by the hour, it’s been rough. Add in rising inflation at a level that we haven’t seen in decades, and it has many people wondering if a recession is on the way.

I can’t say with 100% certainty whether we’re headed for a recession, but I can say that it’s always better to be overprepared than underprepared for one. If you stay ready, you won’t have to get ready.

Prioritize an emergency fund

Before investing, your first priority should be establishing an emergency fund. You never know when your car may need repairs so you can get to work, something important in your house breaks, or you’re suddenly jobless. It’s nice to have investments, but you don’t want to find yourself in a situation where an emergency pops up, and you have to sell some of your stocks to cover the cost.

Having to sell stocks unexpectedly can hurt you both in the present and future. It can spark a tax bill now that could add to whatever costs you’re trying to cover. If you sell stocks for a profit, you must pay capital gains taxes. And any shares sold now are also shares that don’t have the chance to continue growing in the future.

To determine how much you need for an emergency fund, first add up all your monthly expenses. If you’re single and the only person’s livelihood you have to look after is yours, you can likely manage with three months of expenses. If you have a family and are responsible for other people, you should aim to have at least six months’ worth of expenses saved.

Pay down your expensive debt

Unfortunately, nothing in stock investing is guaranteed. You know what is guaranteed? The debt you owe, along with the interest that comes with it. If you have debt (particularly with high interest), prioritize cutting it down over investing — especially with a potential recession looming. Making money off stocks can be counterproductive if you pay more in debt interest than you’re earning. It’s even worse if you lose money investing while your debt is simultaneously piling up.

And not all debt is created equal; some kinds are way more costly than others. Your credit card debt, for example, is likely to have a higher interest than your student loans. While some people like eliminating debts with the lowest balance first, you will save yourself money in the long run by eliminating your highest interest debt first.

Focus on larger-cap companies

Large-cap companies have a market capitalization of $10 billion or more. These stocks may not have the hypergrowth potential of small-cap stocks, but because of their size and financial resources, they tend to be more stable investments than smaller companies that are more sensitive to economic conditions. While nothing is guaranteed, large-cap companies are generally in a better position to weather bad economic storms.

To spread out risk, it would help to invest in a large-cap index fund. The S&P 500 — which is often used to gauge the state of the overall market — has produced solid returns after every correction, bear market, and recession that’s happened since its inception in 1957, and there’s no reason to think it won’t continue to do so going forward. During times of uncertainty, large-cap companies can provide a bit of stability.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post It’s better to be overprepared for a recession than underprepared appeared first on The Motley Fool Australia.

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More reading

• Myer share price rockets 23% as 2022 profit expected to double
• Why is the Hawsons Iron share price hiking 6% higher today?
• Maca share price leaps 23% on Thiess takeover news
• ASX 200 midday update: Iress sinks on CEO exit, Flight Centre shares descend
• Rocks in their heads? How young investors helped make Pilbara Minerals one of the most popular shares of FY22

Stefon Walters has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Myer Holdings Ltd (ASX: MYR) share price is racing higher following the release of the company’s FY22 trading update.

In early afternoon trade, the Australian department store group’s shares are surging 22.5% to an intraday high of 49 cents.

Let’s take a closer look at how the company performed for the 2022 financial year.

Myer continues to build on sales growth momentum

Investors are bidding up the Myer share price after digesting the company’s latest scorecard.

In its announcement, Myer provided a trading update and results guidance for the 52 weeks ending 30 July 2022 (FY22). Here are some of the key highlights:

• Total sales for the second half of FY22 are up between 16.5% and 17.3% compared to H2 FY21;
• FY22 total sales are up between 12.3% and 12.7% ($2,985 million and $2,995 million) compared to $2,658.3 million for FY21;
• FY22 group online sales are up between 32.5% and 34.4% ($715 million and $725 million).

Subsequently, the above numbers are expected to flow into a stronger financial performance for the company. As such, the group is forecasting the following:

• H2 FY22 net profit after tax (NPAT) for the 26 weeks to 30 July 2022 of between $23 million and $28 million. This reflects an increase between 160% and 217% compared to H2 FY21 NPAT of $8.8 million for the 27 weeks to 31 July 2021;
• FY22 NPAT of between $55 million and $60 million, an improvement of between 86% and 103% if JobKeeper is excluded from the prior year.

The company noted it’s projecting to finish FY22 in a positive net cash position of more than $155 million, up from $112 million in FY21.

Department store stock on hand is currently 9.6% higher than this time last year due to management’s response to global supply chain delays.

Furthermore, clearance inventory is being well managed at 6.2% of current department store stock on hand.

Myer anticipates its FY22 final results will be released sometime in September, following board approval and completion of audit.

Management commentary

Myer CEO John King touched on the company’s results, saying:

Execution of the Customer First Plan continues to deliver positive outcomes for the business with all categories achieving sales growth over FY21, despite more trading days lost due to COVID this year.

The momentum in the second half in terms of sales growth both in-store and online, profitability and strengthening of our balance sheet places us well as we go into the new financial year.

Myer share price snapshot

Adding to its impressive gains, the Myer share price has risen 49% in the past month which will offer some relief to shareholders.

This comes after its shares hit a 52-week low of 29.5 cents on 17 June on the back of weakened investor sentiment on the ASX.

Based on the current share price, Myer commands a market capitalisation of around $404 million.

The post Myer share price rockets 23% as 2022 profit expected to double appeared first on The Motley Fool Australia.

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More reading

• It’s better to be overprepared for a recession than underprepared
• Why is the Hawsons Iron share price hiking 6% higher today?
• Maca share price leaps 23% on Thiess takeover news
• ASX 200 midday update: Iress sinks on CEO exit, Flight Centre shares descend
• Rocks in their heads? How young investors helped make Pilbara Minerals one of the most popular shares of FY22

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

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The Hawsons Iron Ltd (ASX: HIO) share price is rising today on the back of a mineral resource upgrade.

The iron ore producer’s shares are rising 6% at the time of writing, trading at 43.5 cents. For perspective, the S&P/ASX 200 Materials Index is jumping 1% today.

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

Resource upgrade

Hawsons advised that its mineral resource estimate has jumped by 21% from 400 to 484 million tonnes. This is at the Hawsons Iron Project near Broken Hill in New South Wales.

The measured and indicated resources leapt 87% from 132 to 247 million tonnes. This includes a measured resource of 54 million tonnes and an indicated resource of 193 million tonnes.

Given the strength of this resource, Hawsons predicts it can meet its target of producing 20 million tonnes of concentrate per year.

Commenting on the news, managing director Bryan Granzien said:

This upgrade is significant because having these Mineral Resources in the higher confidence
measured and indicated categories is necessary for the BFS and finalising our project financing package.

We are absolutely delighted with the outcome which now sets the scene for getting on with the next
stage of the BFS, including completion of our detailed mine design and engineering.

Granzien highlighted the new mineral resources estimate will assist in discussions with potential project financiers.

The iron ore price is up 0.97% and trading at US$104 per tonne, trading economics data shows.

Hawsons Iron share price snapshot

The Hawsons Iron share price has surged 156% in a year and 190% in the year to date.

For perspective, the Materials Index has shed nearly 16% in a year.

Hawsons has a market capitalisation of about $322 million based on the current share price.

The post Why is the Hawsons Iron share price hiking 6% higher today? appeared first on The Motley Fool Australia.

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More reading

• What’s with the Hawsons Iron share price on Monday?

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

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The Maca Ltd (ASX: MLD) share price is rocketing higher following a $350 million takeover proposal.

Thiess has put forward an all-cash off-market offer of $1.025 per share in Maca.

At the time of writing, the Maca share price is 98.7 cents, 23.38% higher than its previous close.

Let’s take a closer look at the bid posed to the mining and civil construction company.

Thiess puts forward bid for Maca

Global mining services company Thiess has put forward a bid for Maca, offering shareholders a 28% premium on the ASX share’s previous closing price.

The Maca board has unanimously recommended investors accept the offer. Though, its recommendation is contingent on an independent expert concluding the bid is reasonable and no better offer coming along in the meantime.  

The offer is also conditional on Thiess receiving a 90% holding in Maca at the end of the offer period and regulatory approval. The regulators involved in the transaction will include the Foreign Investment Review Board and the Australian Competition & Consumer Commission.

Maca co-founder and chair Geoff Baker commented on the takeover bid driving the company’s share price today, saying:

The board of Maca believes that Thiess is the right partner for the Maca business … Thiess will continue investing in our respected brand and will seek to provide additional development opportunities for our people as part of its national and international operations.

Thiess executive chair and CEO Michael Wright said the offer brings shareholders “certainty of cash, a strong premium, and an ability to achieve liquidity”. Wright continued:

The proposed acquisition of Maca is an important part of Thiess’ strategy to diversify its operations across commodities, services, and geographies.

We recognise and intend to maintain and grow Maca’s strong brand and presence in the Western Australian market. Thiess also looks forward to supporting Maca to meet the evolving needs of its client base through promoting further investment in low emission and technology-led solutions.

Maca share price snapshot

The mining and constructing small cap has been outperforming many of its S&P/ASX 200 Index (ASX: XJO) peers lately.

Today’s gain sees the Maca share price 23% higher than it started 2022. It has also gained 7% since this time last year.

Meanwhile, the S&P/ASX 200 Materials Index (ASX: XMJ) has slipped 11% year to date. It has fallen 16% over the last 12 months.

The post Maca share price leaps 23% on Thiess takeover news appeared first on The Motley Fool Australia.

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More reading

• ASX 200 midday update: Iress sinks on CEO exit, Flight Centre shares descend
• Rocks in their heads? How young investors helped make Pilbara Minerals one of the most popular shares of FY22
• Lark share price soars on record quarter
• Pact share price slides despite Woolies recycled packaging deal
• Iress share price drops 9% on news of CEO departure

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

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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is having a very subdued day. The benchmark index is currently down a fraction to 6,789.8 points.

Here’s what is happening on the ASX 200 today:

Iress tumbles on CEO exit

The Iress Ltd (ASX: IRE) share price is sinking deep into the red on Tuesday following news that the financial technology company’s CEO is leaving. Iress CEO, Andrew Walsh, is retiring at the start of October after 21 years with the company and 13 years as its leader. Walsh will remain with Iress as a consultant until the end of January 2023. He will be replaced by Marcus Price.

Flight Centre shares tumble

The Flight Centre Travel Group Ltd (ASX: FLT) share price has come under pressure today. Investors have been selling the travel agent’s shares following a lukewarm response from brokers to its guidance upgrade on Monday. This morning Credit Suisse put an underperform rating and $14.00 price target on the company’s shares. Elsewhere, Morgans has warned that Flight Centre’s earnings may not recover to pre-COVID levels until FY 2025.

South32 shares charge higher

The South32 Ltd (ASX: S32) share price is on form on Tuesday. In contrast to Flight Centre, brokers have responded very positively to this mining giant’s latest update. For example, the team at Goldman Sachs has reiterated its conviction buy rating with a $4.90 price target. Elsewhere Citi has retained its buy rating with a $4.90 price target and Macquarie has held firm with its outperform rating with a $5.90 price target.

Best and worst ASX 200 performers

The best performer on the ASX 200 by some distance on Tuesday has been the Zip Co Ltd (ASX: ZIP) share price. The buy now pay later provider’s shares are inexplicably up 15% at lunch on new news. Going the other way, the worst performer has been the Iress share price with an 11% decline. This is in response to the exit of its long-serving CEO.

The post ASX 200 midday update: Iress sinks on CEO exit, Flight Centre shares descend appeared first on The Motley Fool Australia.

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More reading

• Iress share price drops 9% on news of CEO departure
• Could South32 shareholders be in for a $200 million payday?
• 2 ‘good value’ ASX 200 shares offering what investors want right now: expert
• From chasing criminals to ASX gems, why this ex-cop keeps buying in a bear market
• 5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended ZIPCOLTD FPO. The Motley Fool Australia has recommended Flight Centre Travel Group 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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Pilbara Minerals Ltd (ASX: PLS) shares were volatile during FY22. And it seems young investors could have been key to some of the company’s strong run.

Earlier in the 2022 calendar year, the Pilbara Minerals share price got close to $4. But by mid-June, it had almost halved to close to $2.

However, since that low, the Pilbara Minerals share price has soared around 25%.

According to Selfwealth Ltd (ASX: SWF) statistics, Pilbara Minerals was the seventh most-traded business on the Selfwealth platform during FY22 with a total trading volume of $322 million.

The Australian Financial Review reports Pilbara Minerals managed to rise 17 places to reach that seventh place. The climb saw the value of the company’s trading volumes increase by 212%.

Certainly, Pilbara Minerals wasn’t the only ASX lithium miner to see a massive increase in demand by Selfwealth users. In fact, lithium made up 14% of all trades. Pilbara’s lithium peers Lake Resources N.L. (ASX: LKE) and Core Lithium Ltd (ASX: CXO) also saw big increases in trade volumes.

The only ASX shares to see more trading volume than Pilbara Minerals shares were: Fortescue Metals Group Limited (ASX: FMG), Westpac Banking Corp (ASX: WBC), Australia and New Zealand Banking Group Ltd (ASX: ANZ), Commonwealth Bank of Australia (ASX: CBA), BHP Group Ltd (ASX: BHP), and CSL Limited (ASX: CSL).

Selfwealth is one of several online brokers that aims to capture market share with cheaper brokerage fees. The broker has around 120,000 users, with ‘millennials’ and ‘gen Z’ making up 71% of its total investors.

The Selfwealth CEO Cath Whitaker was quoted by the AFR:

It doesn’t matter what age group or demographic, [retail investors] are still looking for that healthy return. Our mantra at SelfWealth is ‘here for decades, not days’, and in this time of uncertainty, retail investors are looking for more safe bets, if you like.

Is the Pilbara share price an opportunity?

Macquarie certainly thinks so, with a price target of $4.20. That implies a possible rise of more than 60% on the current share price. The optimism is due to the strong lithium prices that Pilbara Minerals is achieving.

However, the broker Credit Suisse is less optimistic. It has a ‘neutral’ rating, with a price target of just $2.40. It believes the prospect of a global recession and ongoing inflation difficulties could lead to a hit in the demand for electric vehicles, also depressing demand for lithium.

However, both Macquarie and Credit Suisse think that the business is going to generate more profit in FY23 than FY22.

Using Macquarie’s numbers, the Pilbara Minerals share price is valued at under five times FY23’s estimated earnings.

Credit Suisse’s estimated earnings for Pilbara Minerals puts the business at under five times FY23’s projected profit as well.

The post Rocks in their heads? How young investors helped make Pilbara Minerals one of the most popular shares of FY22 appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Friday
• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• ASX 200 lithium shares get busy amid dire supply call
• Up 4% in FY23, what’s next for the Pilbara Minerals share price?

Motley Fool contributor Tristan Harrison has positions in Fortescue Metals Group Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL Ltd. The Motley Fool Australia has recommended Westpac Banking Corporation. 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 Lark Distilling Co Ltd (ASX: LRK) share price is having a strong day on Tuesday.

In morning trade, the distilling company’s shares are up over 5% to $2.85.

Lark Distilling share price higher on quarterly update

• Record quarterly (unaudited) net sales of $6.8 million, up 72% on the prior corresponding period.
• Achieved positive quarterly cash flow of $1.3 million
• Strengthening whisky bank with 2.1 million litres of whisky under maturation
• Balance sheet in a strong position with cash of $16.1 million

What happened during the quarter?

For the three months ended 30 June, Lark Distilling delivered a 72% increase in net sales to a record of $6.8 million. This reflects general improvements to the company’s operating environment and the return to on-premise sales following disturbances experienced in the March quarter.

This took the company’s FY 2022 unaudited net sales to a total of $20.3 million, which is an increase of 57% year on year and in line with guidance.

An even bigger positive was arguably the achievement of positive cash flow during the fourth quarter. Lark reported positive cash flow of $1.3 million for the three months thanks to improved debtor collection cycles and a decline in payments for product manufacturing and operating costs.

At the end of the period the company had 2.1 million litres of whisky under maturation. This is ahead of its previous target of 2 million litres.

The company notes that its whisky bank underpins future sales potential. And while the future potential net sales value of this liquid is variable, the sales price per litre observed within FY 2022 remains within its prior guidance range of +15% to +25% year on year from $216 per litre in FY 2021.

Management commentary

Lark’s managing director and interim CEO, Laura McBain, commented:

We are developing our core range to better meet the needs of customers in Australia. As we launch into export markets we’re also building and managing our whisky bank to ensure continued demand for Lark can be met with the highest quality product.

The launch of Dark Lark in May – as our winter release –achieved strong success and marks our biggest limited release to-date, demonstrating depth of innovation, outstanding marketing and brand execution within Lark.

McBain appears positive on the company’s outlook as it attempts to expand its reach. She said:

The next quarter is particularly exciting as we continue to introduce the Lark brand to new customers, offering targeted limited releases to Lark followers through a disciplined yet innovative approach to marketing. Equally, the Christmas period is always an active period for Lark and will see strong activity across retail, on-premise, e-commerce and our own hospitality venues.

Encouragingly, the enthusiasm of the broader team is clearly observed throughout these quarterly results, and we remain focussed on the momentum within the business.

The post Lark share price soars on record quarter appeared first on The Motley Fool Australia.

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More reading

• Rocks in their heads? How young investors helped make Pilbara Minerals one of the most popular shares of FY22
• Pact share price slides despite Woolies recycled packaging deal
• Iress share price drops 9% on news of CEO departure
• Regis Resources share price loses its shine despite ‘record gold production’
• Andromeda Metals share price surges 15% on ‘significant milestone’

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

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The Pact Group Holdings Ltd (ASX: PGH) share price is in the red today despite a planned partnership with Woolworths Group Ltd (ASX: WOW).

The recycling company’s share price is down 0.96% so far today, currently trading at $2.07. For perspective, the S&P/ASX 200 Index (ASX: XJO) is 0.16% higher in late morning trade.

Let’s take a look at the deal between Pact and Woolworths.

Pact to work with Woolworths

The two companies are planning to work together to replace 18,000 tonnes of new plastic with local recycled plastic each year. This is forecast to reduce carbon emissions by 25,000 tonnes.

Pact will supply sustainable packaging made from recycled plastic for Woolworths products including milk bottles, meat trays, and drink bottles.

The partnership involves a multimillion investment in local recycling and manufacturing, according to the companies.

Pact CEO and managing director Sanjay Dayal said consumers and businesses are demanding recycled and recyclable plastic packaging. He added:

Plastic packaging that is designed effectively, that is recyclable and recycled properly in Australia can be used again and again, creating a truly local circular economy for plastics.

Woolworths uses recycled plastic when there is no viable alternative to plastic. Further commenting on the plan, Woolworths format and network development managing director Rob McCartney said:

We’re working hard to remove plastic from packaging like our bakery trays, however it can be necessary to protect quality and food safety in some products – which is why replacing it with recycled plastic is the next best thing.

Pact share price snapshot

The Pact share price has lost more than 41% in the past year, while it has fallen 18% year to date.

In the past month, Pact shares have leapt nearly 9%.

For perspective, the benchmark ASX 200 index has shed about 8% in the past year.

The post Pact share price slides despite Woolies recycled packaging deal appeared first on The Motley Fool Australia.

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More reading

• Iress share price drops 9% on news of CEO departure
• Regis Resources share price loses its shine despite ‘record gold production’
• Andromeda Metals share price surges 15% on ‘significant milestone’
• The Bega Cheese share price is down 39% so far this year but Twiggy is still buying
• Why is the Nitro share price crashing 29% on Tuesday?

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

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The Iress Ltd (ASX: IRE) share price is down 9.3% to $10.66 in early trading today after the company announced the departure of its CEO and preliminary 1H FY22 results.

In its statement, Iress reaffirmed its FY22 full-year profit guidance based on preliminary unaudited results for the first half.

Iress is a technology company providing software to the financial services industry. Its software is used by more than 10,000 businesses and 500,000 users globally.

Iress share price dives despite reaffirmed guidance

Iress said its 1H FY22 segment profit is expected to be $80.3 million. This is up 6% on the prior comparative period (pcp).

The company reaffirmed its guidance range of $177 million to $183 million for the full year in FY22.

Iress will announce its 1H FY22 results on 18 August during the upcoming earnings season.

New Iress CEO is the former head of PEXA

Today Iress announced the appointment of Marcus Price as its new managing director and CEO, effective from 3 October. He will begin as a non-executive director with the company today.

Price will replace current CEO Andrew Walsh, who is retiring after 21 years with the company and 13 as CEO. He will remain with Iress as a consultant from 3 October until the end of January 2023.

Iress said Price has more than 25 years of experience “leading transformative financial services and technology businesses”.

Price was previously the founding CEO of PEXA Group Ltd (ASX: PXA), which is Australia’s first digital property exchange. He held this role for more than 10 years.

Price has also held senior positions with National Australia Bank Ltd (ASX: NAB) and the Boston Consulting Group, which is one of the world’s largest management consulting firms.

How much will the new Iress CEO get paid?

Essentially, Price’s remuneration will be the same as the current CEO, according to the statement.

Price’s base salary will be $712,736 (including superannuation) plus 13,865 equity rights for FY22 (prorated). The grant of these equity rights will be subject to Iress shareholder approval in or around September.

Price has agreed to a 30% reduction in base salary and equity rights (compared with the current CEO remuneration package) from 3 October 2022 through to 31 December 2024.

In exchange, Iress will issue Price with a one-off $13 strike price options package, converting into Iress shares with a fair value of $1,372,470 exercisable in two tranches from February 2026 and from February 2027.

Iress will also ask shareholders to approve the same performance rights package they approved for Walsh in May 2022. Price will not be eligible for performance rights until 2024.

Iress said: “The cost impact to the company will be neutral, with the fair value of the options equating to the 30% reduction in remuneration agreed by Mr Price.”

What did Iress management say?

Roger Sharp, Chair of Iress, made the following comments:

Andrew has been an outstanding leader and steward of Iress. Since taking over as CEO in 2009, he has been instrumental in building Iress into a highly innovative market leader with a global footprint.

Marcus is ideally placed to steer Iress on the next phase of its journey. He brings tremendous experience in financial services and technology businesses with a demonstrated track record in creating shareholder value.

What did the departing and incoming Iress CEOs say?

Walsh said, “… with the company in such a strong position, I feel the time is right to pursue new opportunities. I am proud to have seen Iress through a period of substantial transformation and growth into what is today a successful global technology business and market leader.”

Price said, “I am certainly looking forward to working with the Iress team as we execute on the 2025 strategy presented to the market last year, including continuing to evolve Iress’ operational model and transition to a platform-based architecture. In addition, we will explore further horizons and ambitions for the business.”

Iress extends share buyback program

Last week, Iress announced an extension of its existing on-market share buyback program.

Iress announced the buyback in July 2021. Back then, Iress was planning to purchase up to $100 million shares in the period to 28 July 2022.

To date, Iress has purchased $70 million in shares. The company said the buyback period “will now continue until the buyback program is completed”.

The Iress share price is down 18.6% in 2022 so far, including this morning’s losses.

The post Iress share price drops 9% on news of CEO departure 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 PEXA Group 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 Regis Resources Ltd (ASX: RRL) share price is heading south on Tuesday morning following the company’s June quarter results.

At market open, the gold miner’s shares kicked off at $1.60 apiece, but have since fallen wayside to $1.565 a share, down 2.19%.

Regis Resources share price stutters despite record result

Here are some of the key takeaways that Regis Resources highlighted for the three months ending 30 June 2022.

• Record group gold production of 123.9koz in the June 2022 quarter, up from 103.1koz in the March quarter
• All-in sustaining cost (AISC) of $1,591/oz for the June 2022 quarter compared to $1,574/oz in the March quarter 2022
• Record full-year gold production of 437.3koz at an AISC of $1,556/oz
• Annual gold production within FY22 guidance of 420koz-475koz

What else happened in the period for Regis Resources?

The strong operating result translated into an improved group cash position for the quarter.

Gold sales for the three months stood at 145.2koz at an average price of $2,447/oz for sale receipts of $355 million.

Regis Resources generated total operating cash flow of $134 million, of which $83 million came from Duketon and $51 million from Tropicana. This is well up from a group total of $55 million recorded in the March quarter.

Capital expenditure for the June quarter increased to $67 million from $59 million in the prior period. Expenditure for Exploration and McPhillamys was $16 million.

As at June 30, the company had cash and bullion of $231.3 million, up from the $167.1 million at the end of March 2022.

What did management say?

Regis Resources managing director Jim Beyer touched on the company’s performance, saying:

Delivering a record quarter and record year of gold production is a very pleasing result. The Regis team has overcome a number of challenges throughout FY22 and to deliver gold production within guidance is a testament to their commitment and capability.

With the plant modifications at Duketon complete, resource models performing to expectation and Garden Well South underground coming online, Regis is well positioned to deliver a strong FY23.

What’s next for Regis Resources?

Looking at the near term, Regis Resources provided its guidance and outlook for FY23.

Group production is estimated to come in between 450koz-500koz at an ASIC in the range of $1,525-$1,625/oz.

Key drivers for the increase in FY23 gold production are Garden Well South underground coming online, access to higher grade ore at Havana, and a full year of production through the recently modified mill at Garden Well.

Growth capital in FY23 is projected to come in around $145-$155 million. This will be used for funding open pit stripping at Havana and Ben Hur along with underground development at Rosemont and Garden Well.

Regis Resources expects to continue developing potential options to target gold production of 500koz per year by FY25.

Regis Resources share price summary

In the last 12 months, the Regis Resources share price has tumbled by almost 40%.

Year to date, the company’s shares are down 20%.

Based on today’s price, Regis Resources commands a market capitalisation of roughly $1.17 billion.

The post Regis Resources share price loses its shine despite ‘record gold production’ appeared first on The Motley Fool Australia.

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

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