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The Scentre Group (ASX: SCG) share price is up 1% in early afternoon trading, to $3.02 per share.

That’s about twice the 0.6% gains posted by the S&P/ASX 200 Index (ASX: XJO) at this same time.

Scentre’s share price gain today comes as the ASX 200 retail giant unveiled the launch of what it calls “Westfield Direct”.

What is Westfield Direct?

In a release this morning, that’s unlikely to have a material impact on the Scentre share price today, the company reported that Westfield Direct will allow Aussies to shop from any of Westfield’s 37 locations, 24 hours per day.

The new online service offers both click-and-collect and home delivery options, along with potential reward credits for members.

Scentre said that it is continuing to expand the offering, with new businesses continuing to join the more than 100 current existing business partners already participating

Commenting on the launch, Scentre Group’s chief customer and business development officer, Phil McAveety said:

We are bringing the Westfield experience to more people. This is fundamental to our customer strategy and our ambition to grow. Westfield Direct offers more convenience, flexibility and choice for customers to shop Westfield, any time, anywhere – still with the human connection they value.

Westfield Direct provides our business partners with the opportunity to increase the productivity of their physical store networks whilst alleviating the time-intensive and costly process of fulfilling and delivering orders. Westfield Direct also presents a significant growth opportunity for our SME retail partners, many of whom only have one or two physical stores with us and no online presence.

Scentre reported that it will provide an Aussie-based customer care team, reachable via live chat or email, to support the service.

Scentre share price snapshot

The Scentre share price has gained 8.1% year-to-date, almost in line with the 8.6% gain posted by the ASX 200.

Over the past month Scentre has outperformed the benchmark, with shares up 3.5% compared to a 3.6% loss on the ASX 200.

The post Scentre (ASX:SCG) share price lifts amid Westfield Direct launch appeared first on The Motley Fool Australia.

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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 Prophecy International Holdings Limited (ASX: PRO) share price is on the move this Thursday. The computer software applications and services company announced a major deal that has seen investors snapping up its shares.

At the time of writing, the Prophecy share price is up 22.41% to 71 cents. Earlier in the day, it hit a fresh 52-week high of 74.5 cents.

A huge win for Prophecy

In today’s statement to the ASX, Prophecy advised it has signed a deal with United States-based health insurance company, Humana Inc (NYSE: HUM).

Founded in 1961, Humana is one of the biggest health insurance providers in the United States market. The company is ranked 41 on the Fortune 500 list, holding a market capitalisation of more than US$50 billion.

The deal will see Prophecy provide its software-as-a-service (SaaS) platform, eMite, to Humana for an initial 3-year period. This is expected to generate a minimum of $1.784 million in annualised recurring revenue (ARR), totalling $5.518 million.

eMite is a real time and historical customer experience and contact call centre analytics platform. The software product helps businesses visualise their customers’ pathway and understand the level of happiness during the journey.

The innovative platform aims to assist large enterprise and government customers to maximise customer service and revenue opportunity.

Last year, eMite was sold in more than 14 countries to a range of customers in the Genesys, Amazon and Avaya ecosystems.

CEO Brad Thomas commented on the news fuelling the Prophecy share price:

We are delighted to welcome Humana as a new eMite customer. Given Humana’s standing as one of the strongest participants in the US healthcare market, we are excited by the opportunity to strengthen Humana’s ability to provide high-quality, whole-person healthcare and support superior outcomes for patients across all of its lines of business.

A contract of this nature is material to Prophecy as it, along with other recently-signed eMite customers, boost the annualised recurring revenue (ARR) for the eMite business to more than A$10 million. This growth reflects our continuous improvement of eMite’s functionality as large enterprise and government have embraced cloud services.

Prophecy share price summary

Despite today’s massive gain, the Prophecy share price mostly travelled in circles over the past 12 months. However, following the latest contract win, its shares are now up around 35% for the period.

Based on the current price, Prophecy presides a market capitalisation of roughly $49.35 million, with approximately 64 million shares outstanding.

The post Prophecy (ASX:PRO) share price rockets 22% on major US health deal appeared first on The Motley Fool Australia.

More reading

• Why has the Appen (ASX:APX) share price hit three 52-week lows in the last fortnight?
• What happened for the CBA (ASX:CBA) share price in the FY22 first quarter?
• Global Energy (ASX:GEV) share price gains 7% on hydrogen export study update
• International borders will reopen soon. Why is the Qantas (ASX:QAN) share price stalling?
• What happened to the IAG (ASX:IAG) share price in the FY22 first quarter?

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 Appen Ltd (ASX: APX) share price has been on a slippery slope these last few weeks, down from a previous high of $9.48 on 23 September.

As they have trended down, Appen shares have subsequently set three new 52-week lows in the past 2 weeks – an ominous sign for shareholders.

Here’s what appears to be spurring on this slide into the abyss for the Appen share price.

Investors like earnings, earnings, earnings

To understand what’s behind this unfortunate performance for Appen’s shares we have to zoom out and take a look at what’s been leading the trend.

Appen shares tanked from a previous high of $13.82 in late August when the company released its FY21 earnings results.

In its report, the company recognised a 2% decrease in revenue and a 14.3% slide in EBITDA from the year prior.

This carried through its income statement, where net profits after tax (NPAT) slumped over 55% to just US$6.7 million.

Investors tend to reward companies who demonstrate strong earnings power and punish those who don’t by selling their shares.

We see the same happening from 25 August, where the Appen share price immediately slipped 27% to start off a string of what would be a series of new 52-week lows.

In fact, even though it has set a new 12 month low 3 times this past fortnight, since its earnings report the company’s shares have bottomed at new single-year low points 7 times to date.

Other factors weighing down the Appen share price

A recent spike in US Treasury yields is bad news for tech and growth type shares, as it ultimately impacts the valuations of these assets.

That’s because in most of these instances either the specific industry/sector, business, or product is expected to produce high cash flows out into the future, versus just around the corner.

So the higher the yield is on these US Treasury bonds, the lower a share’s valuation, and vice versa.

It also has a bearing on the market’s psychology, in that when yields hike up on government bonds – like the US Treasury bonds – investors tend to fly towards more stable, predictable asset classes.

For shares in general – but in particular tech and growth type shares – this stems a negative sentiment because the share market is typically seen as having more risk than the boring old bond markets.

So as US Treasury yields have popped up recently, this has had an impact on technology and growth type shares in general.

For instance, the S&P/ASX 200 All Technology Index (XTX) is leading the broad market’s loss this past month, slumping 7% in the red as of today.

That’s almost double the S&P/ASX 200 index (ASX: XJO)’s slip into the red of 3.8% in this time.

Appen share price snapshot

Taking a step back and analysing Appen’s share price over the long-term, the trend is no different – it is swimming in a sea of red this entire 12 months.

This year to date it has posted a loss of 65%, extending its loss in the past year to over 75%.

Both of these results are well behind the broad index’s return of around 25% this past year.

The post Why has the Appen (ASX:APX) share price hit three 52-week lows in the last fortnight? appeared first on The Motley Fool Australia.

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• Analysts name 3 stellar ASX growth shares to buy
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• Why these 3 ASX shares all hit 52-week lows today

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

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As we embark on the second quarter of FY22, it’s a good time to look back and see how some of the major ASX 200 shares performed over the first quarter of the financial year.

So, let’s check out how the Commonwealth Bank of Australia (ASX: CBA) share price went over the period.

The first quarter of FY22 ran from 1 July to 30 September. Over this period, the S&P/ASX 200 Index (ASX: XJO) was fairly lacklustre. The ASX 200 started July at 7,313 points and ended up at 7,332.2 points on 30 September. That translates into a lukewarm gain of roughly 0.26% for those 3 months. 

So, how did the CBA share price stack up? CBA is the largest ASX 200 share by market capitalisation (and therefore weighting) at the present time, so whatever it does really impacts the broader market.

CBA shares started the new financial year off at a share price of $99.87. On Thursday last week, the CBA share price closed at $104.33 on the last day of the quarter. That puts CBA’s quarterly gains at a robust 4.47%. That’s more than 17 times what the ASX 200 delivered.

Not only that, but CBA also shelled out its most recent final dividend payment during the quarter, too. CBA shareholders received a fully franked dividend of $2 per share on 29 September.

That further boosts shareholder returns for CBA over this period. The bank’s $6 billion share buyback program, which was announced in CBA’s FY21 earnings report, would have helped as well.

Could CBA shares be a buy today?

With this impressive outperformance over the quarter just gone, many an investor might be wondering whether CBA shares are a buy today. Well, as my Fool colleague James covered late last month, one broker doesn’t think so.

Morgan Stanley slapped an ‘underweight’ rating on CBA in September, with a 12-month share price target of $90. That implies a potential 12-month downside of roughly 13% on today’s share price of $103.21 at the time of writing.

Morgan Stanley isn’t wild on Commonwealth Bank right now. It sees the actions that financial regulators are taking to cool the housing market as deleterious for CBA, which is the largest housing lender in the country.

At the current CBA share price, this ASX bank has a market capitalisation of $183 billion, a price-to-earnings (P/E) ratio of 21.86 and a dividend yield of 3.39%.

 

The post What happened for the CBA (ASX:CBA) share price in the FY22 first quarter? appeared first on The Motley Fool Australia.

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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 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 Global Energy Ventures Ltd (ASX: GEV) share price is surging higher today following news of a study into exporting hydrogen.

The company has announced the beginning of a feasibility study into transporting hydrogen from Western Australia to markets in the Asia Pacific region using its compressed hydrogen ships.

Global Energy Ventures specialises in energy transportation. It is currently an early mover in the transportation of hydrogen.

Earlier today, the Global Energy share price jumped by 12% to 9.2 cents. It has since partially retreated to 8.7 cents, a 7.4% gain on its previous close.

Let’s take a closer look at the latest news from Global Energy Ventures.

Study into shipping hydrogen begins

The Global Energy share price is taking off on the back of a new study into transporting green hydrogen.

Hydrogen is labelled ‘green’ when it’s processed using renewable energy.

The feasibility study will look into the possibility of transporting hydrogen from Province Resources Ltd‘s (ASX: PRL) HyEnergy Zero Carbon Hydrogen Project using Global Energy Ventures’ compressed hydrogen shipping solution.

The study recently received up to $300,000 of funding from the Western Australian government.

It will integrate the HyEnergy Project’s proposed green hydrogen production facility, an onshore compression facility, and an offshore mooring and loading system.

Global Energy Ventures proposes to build the onshore compression facility and offshore terminal.

The study will also integrate a fleet of compressed hydrogen ships, like those owned by Global Energy Ventures, for marine transport. It will assess the potential to transport the green hydrogen to markets in the Asia Pacific region.

The study is expected to be finished in the June quarter of 2022.

Global Energy share price snapshot

This year has been particularly good to the Global Energy Ventures share price.

Right now, the company’s share price is 11% higher than it was at the start of 2021. It has also gained 48% since this time last year.

The post Global Energy (ASX:GEV) share price gains 12% on hydrogen export study update appeared first on The Motley Fool Australia.

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• Global Energy (ASX:GEV) share price leaps 18% on green hydrogen grant

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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Last Friday, Prime Minister Scott Morrison announced that international borders will reopen in November for states that reach the 80% vaccination milestone. This should be good news for the Qantas Airways Limited (ASX: QAN) share price, but it just logged a three-day losing streak on Thursday.

Why is the Qantas share price struggling to make headway?

US-listed airlines including American Airlines and JetBlue Airways tumbled 4.3% and 2.7% respectively overnight after Goldman Sachs downgraded their ratings for both stocks, according to Wall Street Journal.

The broker flagged concerns about the surging oil prices and slowing economic growth weighing on the airlines’ profits.

US crude oil prices jumped to a seven-year high of US$79.76 a barrel on Wednesday. Similarly, the global benchmark, Brent crude, pushed above US$80 a barrel for the first time in three years.

The jump in oil prices could be a factor dampening the prospects of the Qantas share price.

In 2018, Brent crude prices rallied 20% between mid-August and October to a 4-year high of US$86.6 a barrel. During this time, the Qantas share price tanked almost 25% from around $6.90 to $5.20.

During Qantas’ FY19 results, the company flagged that Qantas International faced a significant impact from “high fuel costs because of flight distance”.

From a financial perspective, FY19 fuel costs came in at $3,846 million, a $614 million or 19% increase compared to FY18.

Not only that, but Goldman Sachs happens to be bullish on oil prices, recently raising its forecasts from US$80 a barrel to US$90 a barrel.

In a note from 26 September, the broker said:

While we have long held a bullish oil view, the current global supply-demand deficit is larger than we expected, with the recovery in global demand from the Delta impact even faster than our above-consensus forecast and with global supply remaining short of our below consensus forecasts.

Foolish Takeaway

The Qantas share price has been breaking to the upside as the prospect of reopening international borders gathers momentum.

Qantas shares briefly hit a high of $5.92 on Monday, its highest since February 2020.

Despite the bullish tailwinds for the travel industry, it might be worth keeping a tab on oil prices.

The post International borders will reopen soon. Why is the Qantas (ASX:QAN) share price stalling? appeared first on The Motley Fool Australia.

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• Travel stocks soar. Hopes for a new COVID treatment. Evergrande drags on. Scott Phillips on Nine’s Late News
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• Qantas (ASX:QAN) share price rises as border opening set to be brought forward

Motley Fool contributor Kerry Sun 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 Insurance Australia Group Ltd (ASX: IAG) share price had a rollercoaster run in the first quarter of this financial year.

Opening at $5.16, shares hit a 52-week high of $5.51 during the 3 months before crashing to $4.92 by the end of the quarter.

There were plenty of stories that could have affected the insurance giant’s share price.

Let’s take a closer look.

What happened to IAG in the first quarter?

The first major story that could have affected the IAG share price in the first quarter of FY22 was the sale of its 49% stake in Malaysian business, AmGeneral Holdings Berhad.

As Motley Fool has previously reported, the deal will see Liberty Insurance Berhad acquire 100% of the shares in AmGeneral, with AmBank then holding a 30% interest in the insurance operations of both Liberty Insurance and AmGeneral. IAG isn’t sticking around, though, and intends to exit its investment in AmGeneral.

The next big story was a major board reshuffle at the company. IAG announced its chair, Elizabeth Bryan, will retire from the company at the annual general meeting (AGM) on 22 October 2021 after 6 years leading the business.

She will be replaced in the role by Tom Pockett. Pockett has been a director of the business since 2015 and chair of the audit committee. He is also chair of both Stockland Corporation Ltd (ASX: SGP) and Autosports Group Ltd (ASX: ASG).

A second director, Duncan Boyle, will also retire from IAG’s board on 22 October 2021. Boyle has served on the board for 5 years, including 3 years as chair of the risk committee.

How did the release of its FY21 results affect the IAG share price?

Despite a 170% jump in cash earnings, the IAG share price fell on the release of its FY21 results.

To recap, IAG posted the following results for the 12 months to 30 June 2021:

• Gross written premium (GWP) increased by 3.8% to $12,135 million;
• Insurance profit up 35.9% to $1,007 million;
• Net loss after tax of $427 million;
• Cash earnings up 170% to $747 million; and
• Full-year dividend doubled to 20 cents per share.

Looking into this financial year, IAG said it is forecasting low single-digit gross written premium (GWP) growth of between 14% and 16%.

Management also noted its FY 2022 guidance aligns with its aspirational goal to achieve a 15% to 17% insurance margin over the medium term. Despite these positive signs, the IAG share price slumped on the news.

IAG share price snapshot

Over the past 12 months, the IAG share price has increased by about 8%. In comparison, the S&P/ASX 200 Index (ASX: XJO) has gained about 20% in that time.

Year-to-date, the company’s shares have also gained around 8% – this is roughly in line with the stock market.

Insurance Australia Group has a market capitalisation of approximately $12 billion.

The post What happened to the IAG (ASX:IAG) share price in the FY22 first quarter? appeared first on The Motley Fool Australia.

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• The IAG (ASX:IAG) share price is down 10% so far in September. What’s next?
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Motley Fool contributor Marc Sidarous 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 Insurance Australia Group 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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At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. The benchmark index is currently up 0.7% to 7,259.3 points.

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

Pilbara Minerals update

The Pilbara Minerals Ltd (ASX: PLS) share price is pushing higher today following the release of an update on its Ngungaju Plant. According to the release, the lithium miner has now started the commissioning of the plant after a period in care and maintenance. The company expects production to increase to approximately 180,000 to 200,000 dry metric tonnes (dmt) from mid-2022 onward.

Collins Foods strikes KFC Netherlands deal

The Collins Foods Ltd (ASX: CKF) share price has been a strong performer on Thursday. Its shares are hurtling higher after announcing an agreement with KFC Europe. According to the release, Collins Foods will become KFC’s corporate franchisee in the Netherlands. This means Collins Foods has the rights to develop, manage, market, support, and operate the KFC business in the country. The agreement provides a framework for the development of up to 130 new KFC restaurants over a 10-year period.

Qube falls on ACCC news

The Qube Holdings Ltd (ASX: QUB) share price is trading lower today after the Australian Consumer and Competition Commission (ACCC) announced that it is investigating the company’s acquisition of the Newcastle Agri Terminal. The regulator will be looking into Qube’s potential to engage in anti-competitive behaviour, such as bundling storage, handling, and transport with terminal services. It also has concerns with Qube’s ability to discriminate against its rivals.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Super Retail Group Ltd (ASX: SUL) share price with a 7% gain. This morning UBS upgraded the retailer’s shares to a buy rating with a $13.50 price target. The worst performer has been the Whitehaven Coal Ltd (ASX: WHC) share price with a 6.5% decline. According to CommSec, overnight the thermal coal price fell 10.2% to US$242.00 per tonne.

The post ASX 200 (ASX:XJO) midday update: Pilbara Minerals jumps, Whitehaven Coal sinks appeared first on The Motley Fool Australia.

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• Why is the Collins Foods (ASX:CKF) share price climbing 5% today?
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• Qube (ASX:QUB) share price falls amid ACCC enforcement investigation
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Motley Fool contributor James Mickleboro owns shares of Collins Foods Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Super Retail Group Limited. The Motley Fool Australia owns shares of and has recommended Super Retail Group Limited. The Motley Fool Australia has recommended Collins Foods 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 Boral Limited (ASX: BLD) share price is up amid the completion of the sale of its 50% owned Meridian Brick business in North America to Wienerberger for US$250 million. Boral’s share is US$125 million, which is effective 6 October 2021.

What is Boral going to do with the money?

Management said that proceeds from this divestment of US$125 million will add to surplus capital from other recent divestments.

Boral is seeking shareholder approval at the annual general meeting (AGM) on 28 October 2021 to return up to A$3 billion of surplus capital to shareholders by an equal capital reduction, subject to shareholder approval and an appropriate class ruling from the Australian Taxation Office.

At the time of the initial news, Boral said that subject to exchange rates and final adjustments, Boral expects to report a “small” pre-tax accounting profit on the sale of approximately $10 million.

Why did it decide to sell Meridian Brick?

The Boral CEO and managing director Zlatko Todorcevski said the divestment of Meridian Brick represents the final step in Boral’s exit from brick operations globally:

In recent years Boral has divested its interests in bricks in Australia and since forming the bricks joint venture in the US with Lone Star in 2016, the plan was to ultimately prepare the business for sale.

As part of this process, Meridian’s leadership was refreshed with the appointment of a new CEO in December 2018, and a stronger focus on improving performance.

The agreed sale represents a fair value for the business and reflects its improved performance.

The divestment of Meridian is a further step in Boral’s portfolio review works. It helps to streamline our US business and allows us to further focus on the improvement initiatives underway in the remaining businesses in Boral North America.

The Brickworks share price has risen by around 30% since the sale of this business.

What may be influencing the Boral share price?

Seven Group Holdings Ltd (ASX: SVW) has been buying shares of Boral and had offered $7.40 per Boral share. Seven Group now owns around 70% of the business.

However, the Boral independent board committee recommended that shareholders reject the offer because it was believed the offer undervalues the business.

The board said that the offer of $7.40 per share was materially below the independent expert’s assessed valued of between $8.25 to $9.13 per share. Grant Samuel also advised Boral that the final price agreed for the sale of its North American building products business of US$2.15 billion exceeded the US$1.8 billion to US$2 billion valuation range attributed to its independent expert report.

Boral’s board said that the renewed strategy is expected to unlock significant value in the near-term from the potential divestment of assets, particularly in North America, and will aim to drive value creation and earnings growth, including through its transformation program.

Macquarie Group Ltd (ASX: MQG) is one of the brokers with a positive outlook on the Boral share price. It has a buy rating on the business, with a price target of $7.30.

The post Boral (ASX:BLD) share price lifts amid Meridian sale completion appeared first on The Motley Fool Australia.

More reading

• Here’s why the Boral (ASX:BLD) share price is lifting today
• Why the Boral (ASX:BLD) share price has underperformed the ASX 200 in the last 3 months
• The Boral (ASX:BLD) share price has fallen 17% since Seven took control
• This year’s ASX 200 Santa Rally to get a whopping $84bn cash boost
• Boral (ASX:BLD) share price lifts amid latest business sale

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 owns shares of and has recommended Macquarie Group 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 IntelliHR Ltd (ASX: IHR) share price is soaring today after the company announced record quarterly sales and its breakthrough into a new enterprise market.

The software-as-a-service provider received more than $1 million worth of contracted annual reoccurring revenue and implementation over the first quarter of financial year 2022.

It also secured its first customer in the hotel and tourism market.

At the time of writing, the IntelliHR share price is 23.2 cents, 7.91% higher than its previous close.

Let’s take a closer look at today’s news from the human resources-focused technology company.

IntelliHR’s successful first quarter

The IntelliHR share price is taking off today after the company announced record quarterly sales and revenue growth.

The quarter just been saw IntelliHR’s annual reoccurring revenue reach $776,000. It also generated $225,000 from professional services.

Further, 43% of the company’s new revenue was generated from overseas customers. The company said this highlights its global potential and validates its sales channel.

IntelliHR won 33 new contracts over the first quarter.  As of 30 September, it had 43,784 contracted subscribers. Additionally, IntelliHR boasted 100% customer retention for the quarter.

Likely helping the IntelliHR share price today, is news the company has welcomed its first customer from the enterprise hotel and tourism market.

Jamaican-based Couples Resort signed up to use the company’s software to help support more than 1600 of its team members. Couples Resort’s contract is expected to bring in between $180,000 and $220,000 for IntelliHR.

Of the Couple Resort’s contract, IntelliHR’s Americas president and chief customer officer Glenn Donaldson said:

With the world gradually returning to normality, the tourism industry and hotel industry have become a key strategic focus with IntelliHR’s HR process configurability well positioned to support the personalised and culturally focused needs of this sector.

IntelliHR share price snapshot

Despite today’s uptick, the IntelliHR share price has been performing poorly lately.

It has fallen 58% since the start of 2021. However, it has gained 3% since this time last year.

The post Why has the IntelliHR (ASX: IHR) share price jumped 8% on Thursday? appeared first on The Motley Fool Australia.

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• Here’s why the IntelliHR (ASX:IHR) share price is plunging 10% today

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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