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Friday is proving to be another great day on the ASX for the Lynas Rare Earths Ltd (ASX: LYC) share price.

The company’s stock hit a new multi-year high today despite the company maintaining its silence.

At the time of writing, the Lynas share price is $7.98, 1.79% higher than its previous close.

However, earlier today it shot up to reach $8.09, representing a 3.1% gain and a new 12-month record high.

For context, the S&P/ASX 200 Index (ASX: XJO) is also gaining today. It’s currently 1.06% higher. Meanwhile, the All Ordinaries Index (ASX: XAO) has also surged 1.06%.

Let’s take a closer look at what’s going on with the Lynas share price lately.

Why is the Lynas share price up on Friday?

There’s no obvious explanation for the surge in the rare earth producer’s stock today. Particularly, as the last time the market heard price-sensitive news from the company was nearly 2 weeks ago.

Then, Lynas announced it had received word from Japan Australia Rare Earths (JARE) reconfirming its support for the company.

Since then, and including today’s rise, the Lynas share price has gained another 6%. However, the company’s stock isn’t alone in the green today.

Right now, the S&P/ASX 200 Materials Index (ASX: XJR) is the best performing of the bunch, sporting a 2.54% gain.

In fact, much of the sector is leaving Lynas in its dust on Friday.

Right now, it’s being led by the share prices of Champion Iron Ltd (ASX: CIA) and Gold Road Resources Ltd (ASX: GOR). They are showcasing gains of 4% and 5% respectively.

Only 2 of the sector’s members are in the red today. They are St Barbara Ltd (ASX: SBM) and Newcrest Mining Ltd (ASX: NCM). Their share prices have both fallen 0.6% and 0.7% respectively.

Right now, the Lynas share price is 90% higher than it was at the start of 2021. It has also gained 21% over the last 30 days.  

The post Why has the Lynas (ASX:LYC) share price just hit a 9-year high? appeared first on The Motley Fool Australia.

More reading

• The materials sector is leading the ASX 200 today. What’s going on with the Lynas (ASX:LYC) share price?
• What’s with the Lynas (ASX:LYC) share price today – up 8%?
• Here are the top 10 ASX shares today
• Here’s why the Lynas (ASX:LYC) share price is up 3% on Monday
• These were the best performing ASX 200 shares last week

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 Bruce Jackson.

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The Cettire Ltd (ASX: CTT) share price continues to rise. At the time of writing, it’s up more than 7%.

It has been an extraordinary 2021 for Cettire. Over the last month it’s up 48%. In six months it has rise 143%. Since the start of 2021 it has soared around 800%.

Rapid rise

Cettire is a global online retailer, which offers a wide selection of personal luxury goods through its website, Cettire.com. It has a catalogue of over 1,3000 luxury brands and more than 160,000 products across clothing, shoes, bags and accessories. It has also recently taken the step to expand into the children’s wear segment and expand its addressable market.

This business is capitalising on the large increase in e-commerce demand from global consumers.

In FY21 it saw a significant increase of revenue. Reported gross revenue increased 333% to $124.5 million. In constant currency terms, this was an increase of 384%. Reported sales revenue soared 304% to $92.4 million. In constant currency terms, this was growth of 352%.

The difference between gross revenue and sales revenue is that the sales revenue includes allowances and returns from customers.

Active customers jumped 285% to 114,830. More customers are returning to Cettire to purchase more goods. In FY21, 40% of gross revenue came from repeat customers, whilst in FY20 this was 26%.

Cettire said that its reported product margin was 37% and a delivered margin of 24%. In dollar terms, the product margin rose 307% to $33.8 million and the delivered margin increased 243% to $22 million. The profitability of the business could have an influence on the Cettire share price over time.

At an underlying/adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) level, Cettire was profitable in FY21. It made $2.1 million of adjusted EBITDA. This metric excludes expenses associated with the initial public offering (IPO), share-based payments and unrealised foreign currency movements.

At the bottom line, it made a net loss after tax of $0.3 million. Operating cashflow surged 131% to $12.7 million.

Cettire is expecting more growth in FY22

When the luxury e-commerce ASX share released its FY21 result, it also gave some optimistic comments about FY22 and its outlook. Investors may factor in the outlook into their thoughts on the Cettire share price.

The business said its positive trading momentum had continued into FY22, with July 2021 gross revenue increasing 181% on July 2020.

Cettire believes that there is a significant market penetration ahead. The Cettire founder and CEO Dean Mintz said:

Our number one priority is to maximise the global revenue potential of the company by taking a long-term view. We will continue to invest in opportunities aligned to our strategy, with a near-term focus on customer acquisition, technology enhancements and building organisational capability.

Our focus in FY22 is on continuing to enhance our customer proposition, centred around our vast range of luxury products, value and rapid fulfilment, all of which are enabled by our deep and diverse supply chain and world class, proprietary technology.

The post The Cettire (ASX:CTT) share price is soaring 7% to all-time highs. What’s happening? appeared first on The Motley Fool Australia.

More reading

• The Cettire (ASX:CTT) share price is rocketing 7% on Friday
• 2 ASX shares delivering rapid growth

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Cettire Limited. 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 Bruce Jackson.

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The Calix Ltd (ASX: CXL) share price is off to an explosive start today. Shares in the clean technology company have rocketed to a new all-time high on Friday following a new patent filing for an application of its core technology.

At the time of writing, Calix shares are swapping hands for $7.15 apiece. That’s an increase of 16.7% from their previous close. The Calix share price is now 600% above where it was a year ago.

The company’s latest patent filing for a technology dubbed “ZESTY” has investors paying attention. Let’s take a closer look at what it’s all about.

Calix share price surges on ‘ZESTY’ new technology

Investors are bidding up Calix shares on Friday as the market gets excited about the company’s latest patent filing.

According to the release, the green company has submitted a patent for using its core technology in the production of iron and steel with zero carbon dioxide (CO2) emissions. The new innovation is known as Zero Emissions Steel TechnologY, or ZESTY for short.

Furthermore, Calix’s ZESTY aims to improve current methods of iron production. The company outlined four goals for its process that are likely fuelling the Calix share price today. These include:

• Reduced temperature of operation;
• No pelletisation of iron ore required — enabling the processing of fines;
• Able to be renewably powered, with intermittent operation; and
• Can approach theoretical minimum hydrogen use.

Moreover, the company’s own Low Emissions Intensity Lime and Cement (LEILAC) process could be used in conjunction with iron production. This would be complementary as lime is used to remove impurities during iron production.

What’s next?

From here, Calix plans to carry out larger-scale testing of its ZESTY process dependent on a confirmation from its current small-scale testing. This upsized study would be undertaken with ores from a potential customer that the company has already engaged in discussions with.

Commenting on the new technology, Calix CEO Phil Hodgson stated:

These are early days for the Calix ZESTY technology, however, given the materiality of both the potential for our technology in iron and steel production and the size of the environmental challenge, being similar to the one our LEILAC business is addressing, we will be pursuing this opportunity as quickly as possible – the world cannot wait any longer.

Finally, based on the current Calix share price, the company now holds a market capitalisation of $1.15 billion.

The post Here’s why the Calix (ASX:CXL) share price is up 17% on Friday appeared first on The Motley Fool Australia.

More reading

• Why Calix, Fortescue, Link, and Zip shares are jumping today

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

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is back on form and on course to end the week on a very positive note. At the time of writing, the benchmark index is up 1.05% to 7,460 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are surging higher:

Calix Ltd (ASX: CXL)

The Calix share price is up 17% to $7.14. This morning the company announced the filing of a patent covering a new and significant application of its core kiln technology. The release explains that the patent is for the production of zero CO2 emissions iron and steel.

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price is up 4% to $16.03. Investors have been buying Fortescue and other iron ore miners on Friday. This follows a rebound in iron ore prices overnight. According to CommSec, the spot iron ore price rose by US$4.70 or 5.3% to US$94.20 a tonne.

Link Administration Holdings Ltd (ASX: LNK)

The Link share price is up 3.5% to $4.77. Investors have been buying the administration company’s shares after it revealed that it has received an offer for its Banking and Credit Management (BCM) business. According to the release, a syndicate led by Pepper European Servicing has tabled a conditional, nonbinding indicative proposal to acquire BCM for up to 55 million euros (A$86.5 million).

Zip Co Ltd (ASX: Z1P)

The Zip share price is up 3.5% to $5.90. This morning Zip announced the completion of its acquisition of European BNPL provider Twisto Payments for $115.8 million in shares. The company notes that the acquisition provides it with a gateway to one of the world’s largest ecommerce markets and access to all 27 European Union member states. Twisto’s flagship merchants include KFC, Pizza Hut, Secret Escapes, Gap, New Balance, Delivery Hero, Takeaway, Yves Rocher and Under Armour.

The post Why Calix, Fortescue, Link, and Zip shares are jumping today appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: BHP & Fortescue rise, Zip completes acquisition
• Fortescue (ASX:FMG) share price climbs 5% as iron ore rebounds
• Why the Zip (ASX:Z1P) share price is storming higher today
• Woodside (ASX:WPL) share price rises amid hydrogen plant land approval
• The Zip (ASX:Z1P) share price sank below $6 for the first time since January. What’s happening?

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

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It’s a good day on the ASX for the Halo Food Co Ltd (ASX: HLF) share price after the company announced it had secured a second contract with supermarket giant, Coles Group Ltd (ASX: COL).

The company won the private label tender and expects to begin producing multiple products for Coles from early next year. Those products should be hitting supermarket shelves from the second quarter of 2022.

At the time of writing, the Halo Food share price is 14.5 cents, 7.4% higher than its previous close.

Let’s take a closer look at the latest news from the manufacturer and exporter of dairy, health, and wellness products.

Halo Food share price surges on contract win

Halo Food’s stock is taking off after the company bagged a contract expected to produce up to $3.3 million of sales each year.

So far, the term of the contract hasn’t been specified. Halo believes it will be longer than an initial 12-month period.

Thus, the company — formerly Keytone Dairy — states the contract implies a gross sales value multiples higher than the annual value.

While Halo hasn’t specified what kind of products it will be making under the new contract, it did say it will be making them in various packs, flavours, and sizes.

Halo’s CEO Danny Rotman commented on the win, saying:

Halo will continue to work on further new product development and increase the value and scope the company offers to Coles and all clients.

This win caps off an incredibly huge week for Halo following the successful change of name and rebrand, the US$40m strategic partnership with Theland China, and the second Coles contract win in under a year.

Indeed, Halo previously won a $5 million contract with Coles.

In July, the company updated the market on the first contract, saying it had begun ahead of both time and volume forecasts.

Right now, the Halo share price is about 40% lower than it was at the start of 2021. However, it has gained 7% over the last 30 days.

The post Halo Food (ASX:HLF) share price leaps 7% on Coles deal appeared first on The Motley Fool Australia.

More reading

• Why has the Woolworths (ASX:WOW) share price underperformed Coles in the last month?
• Coles (ASX:COL) share price slips as the company prepares for a new era
• 5 things to watch on the ASX 200 on Wednesday
• Can Woolworths (ASX:WOW) win its delivery battle against Coles?
• Is the Coles (ASX:COL) share price a buy for the 5% dividend yield?

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 owns shares of and has recommended COLESGROUP DEF SET. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Latrobe Magnesium Limited (ASX: LMG) share price hit its highest point in 21 years today after the company came out of a trading halt.

The magnesium producer informed the market this morning that it has completed an oversubscribed placement.

In early afternoon trade, Latrobe Magnesium shares are swapping hands at 15 cents, up 15.4%.

At one point, the share price reached 18 cents, up 38.5%, before treading lower likely due to profit-taking. This is its highest price since 2000.

Latrobe Magnesium completes placement

Investors are excited about how the company is tracking and are buying up Latrobe Magnesium shares in the process.

According to its latest release, Latrobe Magnesium raised $11.5 million (before costs) through the placement.

The offer was significantly oversubscribed with support from professional, sophisticated and overseas institutional investors.

Latrobe Magnesium will issue roughly 115 million shares at 10 cents apiece. This represents a 30% discount to the last closing price of 13 cents on 9 November.

In addition, investors will acquire 28.75 million attaching options exercisable at 4 cents within the next 2 years.

Latrobe Magnesium will use the funds to fast-track the construction of the initial 1,000 tonne per annum magnesium plant in Latrobe Valley. The project’s capital cost estimate has been reduced to $39 million, down from $45 million.

So far, $2.5 million has been spent on the initial phase, with the remaining costs about $36.5 million.

Latrobe Magnesium will draw upon $3.6 million in existing cash, $10.8 million from the net proceeds of the placement, $4 million from a Victorian Government grant, and $20 million via debt facilities.

Latrobe will allocate a $1.9 million surplus for working capital purposes and further optimisation test work.

Construction of the plant is scheduled to commence in January 2022.

About the Latrobe Magnesium share price

Over the past 12 months, the Latrobe Magnesium share price has accelerated by more than 600%, with year-to-date gains of 540%.

Based on today’s price, Latrobe Magnesium presides a market capitalisation of $211.66 million. It has approximately 1.43 billion shares outstanding.

The post Why the Latrobe Magnesium (ASX:LMG) share price bolted 38% today appeared first on The Motley Fool Australia.

More reading

• Why the Latrobe Magnesium (ASX:LMG) share price rocketed 23% on Tuesday
• Why are ASX magnesium miners getting so much love this week?
• ASX magnesium shares are going gangbusters. What’s happening?

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

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The Greenland Minerals Ltd (ASX: GGG) share price has come crashing down to Earth on Friday.

In morning trade, the rare earth-focused mineral exploration company’s shares were down as much as 38% to 7.7 cents.

The Greenland Minerals share price has since bounced back a touch but currently remains down 29% at 8.9 cents.

Why is the Greenland Minerals share price crashing?

The Greenland Minerals share price crashed today after Greenland’s parliament passed new legislation concerning uranium mining.

The new legislation prohibits preliminary investigation, exploration, and exploitation of uranium, which it defines as uranium content which occurs at 100 parts per million (ppm) or greater in the total resource.

In addition, the legislation permits the Greenland Government to extend that prohibition to other unspecified radioactive elements by imposing permitted limit values on those elements. It also serves to reverse initiatives, policies and legislation adopted by successive governments over the past decade.

But there are no uranium projects in Greenland?

The company notes that there are no active primary uranium projects in Greenland. Therefore, the legislation is directed at the production of rare earth materials and other critical metals, where it is common for ores to contain radioactive elements including uranium and thorium.

Given the company’s hopes of developing the Kvanefjeld rare earth project in the country, this is a bitter blow. Particularly given its belief that the project has the potential to become the most significant western world producer of rare earths.

However, the news is not unexpected. In April the Greenland Minerals share price crashed lower after Greenland’s left-wing environmentalist party won the country’s election. During the campaign, the the Inuit Ataqatigiit party vowed to stop the project.

What now?

Management advised that it is seeking clarity as to how the new legislation will effectively modify existing approvals or authorisations.

It also notes that it is not aware of any technical, radiological, or health and safety reasons why the Greenland Government has selected a threshold level of 100ppm uranium for the legislation.

Management highlights that a comprehensive radiological assessment of the Kvanefjeld Project was undertaken by independent specialist consultancy Arcadis. It concluded that “the Kvanefjeld Project is expected to release only small amounts of additional radioactivity to the environment and is not expected to result in an adverse effect, or significant harm, to wildlife or people that live or visit the area.”

Time will tell whether that will be enough for the Greenland Government to allow the project to go ahead.

The post Why the Greenland Minerals (ASX:GGG) share price is crashing 38% on Friday appeared first on The Motley Fool Australia.

More reading

• Signed: Credit Clear (ASX:CCR) share price spikes 12% on new agreement
• The HT&E (ASX:HT1) share price is up 7% on acquisition update
• ASX 200 (ASX:XJO) midday update: BHP & Fortescue rise, Zip completes acquisition
• BARD1 Life Sciences (ASX:BD1) share price leaps 15% on US patent news
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Shares in Aussie FinTech Credit Clear Ltd (ASX: CCR) are roaring today and now trade 12.50% higher at 54 cents.

Credit Clear shares are claiming territory following a company announcement advising it has signed a global partnering and teaming agreement.

It has signed the deal with South African companies Centriciti Techhub and Credit Solutions Services.

The “Techhub” as it is collectively known, provides tech solutions and business processing to the financial services industry. It is headquartered in Johannesburg South Africa, per Credit Clear.

Under the agreement, Techhub will deploy Credit Clear’s digital platform across some of its existing accounts receivable portfolios.

Here are the details of the arrangement.

Credit Clear signs new partnering and teaming agreement

Credit Clear touts its platform as the premier digital platform for optimising account receivables and customer relationships.

As part of the partnering agreement, the company’s digital platform will be rolled out to a number of accounts receivable portfolios on Techhub’s books.

Credit Clear will support the platform remotely from Australia and will be paid a commission on all payments made across identified portfolios.

From Tehchub’s end, it has identified a minimum portfolio of $50 million and up to $100 million on an initial 3-month basis to implement the platform.

Following this initial phase, Techhub will then identify and select portfolios across its remaining account receivables portfolio.

Credit Clear is pursuing a total pool of receivables of up to $1 billion in Techhub’s portfolios, per the release.

With respect to the teaming side of the agreement, the pair will jointly pursue new opportunities across international markets.

Techub will retain exclusivity to market Credit Clear’s platform in the African market, as well as non-exclusive rights to market it internationally.

As such, all revenue from business wins in the teaming side of the agreement will be shared equally.

What’s in it for Credit Clear?

According to the announcement, the agreement provides Credit Clear with immediate access to globally significant portfolios in new geographies.

By its nature, the agreement significantly reduces the capital expenditure associated with international expansion.

It achieves this by removing setup costs, switching costs and what the company calls “in country” development costs.

Moreover, it allows Credit Clear to “leverage existing capabilities and infrastructure from Australia and scale significant new account receivable volumes in new markets in a capital efficient way”.

The company aims to have the platform ready by January 2022 after completing minor development work to prime it for international deployment.

Credit Clear’s CEO, David Hentschke, said that international expansion is a key priority for the company. As such, the agreement offers the greatest international opportunity to date, says Hentschke.

Talking about the agreement specifically, Hetschke said:

We look forward to working closely with Techub. The results we’ve produced in Australia by applying our digital platform, with its cutting edge, optimizable workflows and behavioual AI, have demonstrated the enormity of the global opportunity. Appling our technology to Techub’s multi-billion-dollar portfolio of account receivables, is exactly how we envisaged the pathway to global expansion and scale.

Credit Clear share price snapshot

It hasn’t been the best year for the Credit Clear share price. In the past 12 months, it has fallen deep into the red, posting a loss of 33% after falling another 28% this year to date.

Each of these results come in well behind the S&P/ASX 200 index (ASX: XJO)’s return of around 16% in that time.

The post Signed: Credit Clear (ASX:CCR) share price spikes 12% on new agreement appeared first on The Motley Fool Australia.

More reading

• Why the Greenland Minerals (ASX:GGG) share price is crashing 38% on Friday
• The HT&E (ASX:HT1) share price is up 7% on acquisition update
• ASX 200 (ASX:XJO) midday update: BHP & Fortescue rise, Zip completes acquisition
• BARD1 Life Sciences (ASX:BD1) share price leaps 15% on US patent news
• Beyond BNPL: Here’s how Afterpay (ASX:APT) is also targeting spendings and savings

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

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The HT&E Ltd (ASX: HT1) share price is currently up around 7% after announcing an acquisition and revealing an update to its outlook.

HT&E describes itself as a leading media and entertainment business operating radio, audio and digital businesses in Australia as well as outdoor assets in Hong Kong.

Grant Broadcasters acquisition

HT&E has announced it’s going to buy Grant Broadcasters radio and digital operations for $307.5 million on a cash and debt free basis.

Grant Broadcasters was described by HT&E as a family-owned business, which is the leading regional radio broadcaster in Australia. HT&E’s Australian Radio Network (ARN) business is the number one metropolitan radio broadcaster in Australia.

The combined businesses will create a national broadcast network of scale made up of 58 radio stations and 46 DAB+ stations across 33 markets resulting in a presence in every state and territory in Australia.

Management believe this acquisition will unlock new growth markets and that it will provide the potential for “significant” digital audio expansion by accelerating the rollout of ARN’s established iHeartRadio digital audio platform into regional areas.

Grant Broadcasters had annual pro forma revenue of $100.7 million and generated $35.5 million of pro forma earnings before interest, tax, depreciation and amortisation (EBITDA) in the 12 months to June 2021. The acquisition represents a pro forma EBITDA multiple of 8.7x and a pro forma earnings before interest and tax (EBIT) multiple of 10.3x.

Geelong Broadcasters Pty Limited and certain joint ventures are excluded from the transaction.

Financial impact

HT&E is going to fund this acquisition through its existing cash reserves, financing facilities and the issue of new HT&E shares. Approximately $238 million of this will be funded by cash and debt, while the rest will be funded by new shares issued at a HT&E share price of $1.93 per share.

This acquisition is expected to add 20% or more to earnings per share (EPS) on a pro forma 12-months to June 2021 basis. That’s before the synergies and one-off integration costs.

Trading update and outlook

HT&E also gave a trading update as part of the announcement. Updates can have an impact on the HT&E share price.

Radio

ARN revenue for the three months to September 2021 grew 17% on the prior comparative period, with “consistent ratings and a strong commercial offering” driving increased yield on certain key stations. October radio revenue finished up 8.1%, ahead of the broader radio market, up 6.1%.

Management revealed that forward bookings are “pacing well ahead” of the same time last year, and radio revenue is expected to finish up between 5% to 10% for the quarter with a strong comparative period in 2020.

HT&E was pleased to say that digital audio revenue continued to gain “strong” traction and now averages around $1.5 million per month, up from $1 million in the previous quarter.

ARN operating costs are expected to be between $2 million to $3 million above 2019 levels.

Soprano

Soprano, a global communications solution for large enterprise and government that HT&E owns a stake of, maintained its “strong” financial performance for FY21.

Total revenue was up 25% to $93.9 million, gross profit increased 12% to $52.5 million and underlying EBITDA rose 23% to $27.2 million. This result was due to organic growth and the integration of the Silverstreet acquisition. HT&E said Sopranos’ performance in the first quarter of FY22 to September 2021 achieved budgeted growth and it’s on track to achieve its forecasts for the current quarter.

Cody Outdoor

Cody Out-of-Home has 450 outdoor advertising panels in Jong Kong, the tram shelters on Hong Kong Island, as well as growing taxi body advertising.

Full year revenue is expected to reach HKD 120 million to 125 million – up 40%. It has returned to being cashflow positive on a monthly basis.

HT&E share price snapshot

In the last month alone, HT&E shares have gone up around 40%.

According to the ASX, HT&E now has a market capitalisation of $548 million.

The post The HT&E (ASX:HT1) share price is up 7% on acquisition update appeared first on The Motley Fool Australia.

More reading

• These were the 5 best performing ASX media shares in October
• What happened to the HT&E (ASX:HT1) share price on Tuesday?
• Why Jefferies sees 35% upside in the HT&E (ASX:HT1) share price
• Why HT&E, JB Hi-Fi, Reece, and ResMed shares are charging higher
• Here’s why HT&E (ASX:HT1) share price is rocketing 31% today

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

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Holders of Afterpay Ltd (ASX: APT) shares most likely know they own a buy now, pay later (BNPL) company. But the ASX tech giant has a bit more on its plate nowadays.

Earlier this week, Afterpay launched its newest offering, veering far closer to the banking sphere than the company has previously ventured.

Using Westpac Banking Corp (ASX: WBC) as a service, Money by Afterpay provides users with a debit card, digital wallet, and the option to open up to 15 savings accounts. It may also start to offer home loans in the future.

At the time of writing, the Afterpay share price is $115.21, 0.9% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is up 0.95% right now.

Let’s take a look at Afterpay’s newest offering.

Do owners of Afterpay shares now hold a bank?

According to the company, Money by Afterpay is “built for the Afterpay generation” and is aimed at Gen Z and Millennial customers.

The app offers Instagram-esque ‘stories’ giving users insights into their saving and spending habits.

Money by Afterpay users take advantage of ‘superpowers’ such as the ability to turn some historic transactions valued at more than $200 into a BNPL purchase.

It also offers 0.75% interest per annum on savings accounts if a user has a combined savings balance of $50,000.

The Money by Afterpay app dropped in Australia on Tuesday. It can currently be downloaded from the Apple Inc (NASDAQ: AAPL) app store. An Android version is expected to launch in 2022.

Further, according to reporting by The Australian, Westpac and Afterpay are both considering adding mortgages to Money by Afterpay’s offerings.

Additionally, Afterpay’s suitor, Square Inc (NYSE: SQ), holds a banking licence in the US. Thus, the publication also claims Afterpay’s offerings could move even closer to that of a bank following the proposed takeover.

As The Motley Fool Australia reported earlier this week, Square’s CEO, Jack Dorsey is particularly excited about the companies’ synergies and differences.

Afterpay executive vice president of new platforms Lee Hatton commented on the new offering:

With more than 3.6 million Afterpay customers in Australia and more than 1 million of those customers in our sweet spot audience for this offering, we have the ability to introduce Money by Afterpay as the way to look after their money. This introduction is only the beginning as we help our customers build their money confidence through an ongoing roadmap of new features and useful, inspiring content.

Right now, the Afterpay share price is 3% lower than it was at the start of 2021. However, it has gained 0.6% over the last month.

The post Beyond BNPL: Here’s how Afterpay (ASX:APT) is also targeting spendings and savings appeared first on The Motley Fool Australia.

More reading

• ASX 200 tech shares in focus as Nasdaq plunges 1.7%
• Why Afterpay, Immutep, Pushpay, and Vulcan shares are falling
• Afterpay (ASX:APT) share price lifts despite hospitality push creating concerns
• Afterpay (ASX:APT) ‘represents our largest potential’: Jack Dorsey
• Why are ASX 200 tech shares having such a lousy day?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and Square. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia has recommended Apple. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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