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The Dreadnought Resources Ltd (ASX: DRE) share price is rocketing in morning trade, up 7% to 4.5 cents per share, having earlier posted gains of more than 9%.

Below we take a look at the ASX resource explorer’s latest mineral results that appear to be spurring investor interest.

Why is Dreadnought’s share price gaining on the report?

Dreadnought’s share price is surging after the company reported bonanza grade results from follow up rock chip sampling at its Rough Triangle project in Western Australia.

Initial rock chip samples were taken at several historical prospects. Dreadnought is unaware of any historical records of sampling results from these prospects, which date back to tenement maps from the early 1900s.

The results of the sampling confirmed “high tenor polymetallic mineralisation”. This include critical minerals Antinomy (Sb) and Bismuth (Bi), as well as Copper (Cu), Gold (Au) and Silver (Ag). The positive results were reported across numerous prospects.

According to the release, significant results include:

• 7% Cu, 142g/t Ag
• 6% Cu, 75g/t Ag, 0.1 g/t Au
• 2% Cu, 197g/t Ag, 14.5% Sb, 1.6% Bi
• 3% Cu, 291g/t Ag, 15.0% Sb, 3.1% Bi
• 4% Cu, 1.4 g/t Au, 0.2% Co, 5.0% Bi
• 9% Cu, 272g/t Ag, 8.8% Sb, 1.9% Bi

Six major lode systems have been sampled to date.

Dreadnought’s share price may also be getting a boost from the report that more than half of the known outcropping lodes have yet to be sampled.

What did management say?

Commenting on the results, Dreadnought’s managing director, Dean Tuck said:

With less than half of the known lodes sampled to date, we are continuing to identify high tenor Cu-Au-Ag-Bi-Sb-Co mineralisation across Tarraji-Yampi. As we continue to sample these systems, a geochemical pattern is developing which may allow us to vector in towards larger, undercover mineralisation like we have recently seen at Orion. We will continue to assess additional targets while undertaking our drilling programs at Orion, Fuso and Grant’s Find.

Dreadnought share price snapshot

The Dreadnought share price is up 350% over the past 12 months, well outpacing the 23% gains posted by the All Ordinaries Index (ASX: XAO) over that same time.

Year-to-date, Dreadnought’s share price has continued to outperform, up 125% in 2021.

The post Why the Dreadnought (ASX:DRE) share price is rocketing 7% today appeared first on The Motley Fool Australia.

More reading

• Why is the Dreadnought Resources (ASX:DRE) share price down 7% today?
• Why the Dreadnought Resources (ASX:DRE) share price soared 11% today

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 Wesfarmers Ltd (ASX: WES) dividend is on the rise after the company released its FY21 results this morning.

Wesfarmers growth momentum continues in FY21

Wesfarmers delivered a well-rounded result despite concerns that sales would moderate significantly in the second half. Key financial highlights include:

• Revenue rose 10% to $33,941 million
• Earnings before interest and tax (EBIT) lifted 18.8% to $3,776 million
• Net profit after tax increased 16.2% to $2,421 million
• Basic earnings per share (EPS) up 16.2% to 214.1 cents per share
• Final ordinary dividend of 90 cents per share
• Full-year ordinary dividend of 178 cents per share

Wesfarmers managing director Rob Scott commented on the company’s core retail businesses saying:

Bunnings, Kmart Group and Officeworks delivered strong sales and earnings growth for the year. While customer demand remained resilient, sales growth in Bunnings, Officeworks and Catch moderated from mid-March as the businesses began to cycle elevated demand following the onset of COVID-19 in the prior year.

Pleasingly, sales growth from mid-March remained strong on a two-year basis across all of the Group’s retail businesses.

However, the Wesfarmers growth trajectory might face some hurdles in the near term, with management noting:

Given the impact of lockdowns in recent months and the prospect of continued trading restrictions, earnings in the Group’s retail businesses during the first half of the 2022 financial year may be below the prior corresponding period.

Wesfarmers dividend jumps 17%

Wesfarmers’ directors determined the company would pay a full-franked final ordinary dividend of 90 cents per share, reflecting the company’s strong profit performance and dividend policy of distributing franking credits to shareholders.

This brings the company’s total FY21 fully-franked ordinary dividend for the full year to 178 cents per share, up 17.1% on FY20.

At today’s prices, this represents a dividend yield of approximately 2.78%.

Wesfarmers also announced a proposed return of capital to shareholders of $2.00 per share, subject to approval by Wesfarmers shareholders at its October annual general meeting.

Key dates for Wesfarmers dividend

The Wesfarmers share price will go ex-dividend on Wednesday, 1 September and be paid out on Thursday, 7 October.

The post The Wesfarmers (ASX:WES) dividend has jumped by 17% appeared first on The Motley Fool Australia.

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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 owns shares of and has recommended Wesfarmers 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 Resolute Mining Limited (ASX: RSG) share price is under pressure again on Friday following the release of its half year results.

At the time of writing, the gold miner’s shares are down 4.5% to 42.5 cents.

This leaves the Resolute share price trading within a whisker of its multi-year low of 41.5 cents.

Resolute share price tumbles after posting US$220 million first half loss

• Production down 25.1% to 163,118 ounces
• Gold sales fell 29% to 151,503 ounces
• Average realised gold price up 20.7% to US$1,723 an ounce
• Revenue down 14.5% to US$261.3 million
• Earnings before interest, tax, depreciation, and amortisation (EBITDA) down 23.1% to US$77.7 million
• Net loss after tax of US$219.8 million

What happened in FY 2021 for Resolute?

It certainly was a difficult half for this gold miner, which has been reflected in the abject performance of the Resolute share price over the last six months.

For the six months ended 30 June, Resolute recorded a 14.5% decline in revenue to US$261.3 million. This was driven by a 25.1% reduction in production to 163,118 ounces, which impacted gold sales volumes and offset a 20.7% increase in its average gold price received of US$1,723 an ounce.

Things were much worse for its earnings due to a 25% increase in its all-in sustaining cost (AISC) to US$1,277 an ounce and non-cash charges of US$172.4 million. The latter reflects the previously announced impairment expense relating to its Syama operation. This ultimately led to Resolute reporting a net loss after tax of US$219.8 million.

What did management say?

Resolute’s Chief Executive Officer, Stuart Gale, commented: “Our organisation has been through significant change during the first half of 2021 which has seen renewed enthusiasm and focus. Operational performance over this period is reflective of this as the Syama underground mine achieved record production in the June quarter which was matched by throughput at both the Syama sulphide and oxide processing circuits.”

“Unfortunately, this performance was offset by lower mined grades at the Syama sulphide and oxide operations. The team at Mako continue to deliver in line with expectations as they undertake a cut-back of the main pit to extend the mine life.”

“We remain focussed on capitalising on our investments, unlocking the significant value within our operations to generate cash and strengthen the balance sheet. With a number of key initiatives progressed during the half and the implementation of significant changes to people, processes and systems, we expect to see improvements to both our operating and financial results.”

What’s next for Resolute?

Resolute has held firm with its recently updated gold production and cost guidance for FY 2021.

This is for total gold production within the range of 315,000 ounces to 340,000 ounces with an AISC of between US$1,290 and US$1,365 an ounce inclusive of corporate overheads.

The Resolute share price is down 50% in 2021.

The post Resolute Mining (ASX:RSG) share price tumbles 4% on US$220m half year loss appeared first on The Motley Fool Australia.

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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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The Lynas Rare Earths Ltd (ASX: LYC) share price is down 3.15% in morning trade, to $6.45 per share.

Below we take a look at the ASX rare earths producer’s full year financial results for the year ending 30 June, 2021 (FY21).

Lynas share price lifts on record results

• Revenue of $489.0 million, an increase of 60% from $305.1 million in FY20
• Net profit after tax (NPAT of $157.1 million, compared to a loss of $19.4 million the previous year
• Earnings before interest taxes, depreciation and amortisation (EBITDA) of $235.3 million, up from $59.7 million in FY20
• Cash and cash equivalents as at 30 June of $680.8 million, compared to $101.7 million the prior year

What happened during the reporting period for Lynas Rare Earths?

Lynas achieved record sales in the June quarter of FY21.

The company said it managed to keep costs well controlled as it benefited from “favourable market conditions” for rare earths. It noted that global governments are taking action to diversify rare earths supplies, aware of the current supply chain vulnerabilities. Countries taking action include Japan, India, the United States, the European Union and Australia.

The company signed 2 separate funding contracts with the United States during the reporting period.

Lynas also had a successful $425 million capital raise during the year. It plans to use the funds on its Lynas 2025 foundation projects, with a focus on its Kalgoorlie Rare Earths Processing plant and related upgrades for its Lynas Malaysia plant.

Early works have started at its Kalgoorlie site, and the first Kalgoorlie-based employees have been hired.

What did management say?

Commenting on the results, Lynas Rare Earths’ CEO, Amanda Lacaze said:

We are pleased to have delivered a record profit for our shareholders. This has been achieved whilst maintaining COVID-19 health and safety protocols for our people and communities, responding to logistics challenges and managing inventory to meet our customers’ needs…

Throughout the year, we reached a number of milestones related to our Lynas 2025 growth strategy which is focused on building capacity to meet forecast demand growth.

What’s next for Lynas?

Like most industries, Lynas cautioned that the pandemic continues “to present significant operational challenges”. It said this is especially true in Malaysia, but noted that 94% of its Malaysian staff have now had 2 doses of vaccine.

Looking ahead, Lacaze said, “Lynas is focused on serving customer demand and developing sustainable Rare Earths supply chains as we continue to progress our growth plans to meet future demand from high growth industries”.

The Lynas share price is up 184% over the past 12 months.

The post Lynas (ASX:LYN) share price down after record FY21 profits 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 JB Hi-Fi Limited (ASX: JBH) share price is on the decline on Friday morning. This comes after the electronic goods and appliance retailer provided an update in regards to a senior leadership change.

At the time of writing, JB Hi-Fi shares are down 0.93% to $45.63. In comparison, the S&P/ASX 200 Index (ASX: XJO) is down 0.18% to 7,477 points.

What did JB Hi-Fi announce?

In a statement to the ASX, JB Hi-Fi advised that its group CEO Richard Murray has tendered his formal resignation.

Murray will be leaving the company after spending more than 4 years at the helm. He will leave at the end of August to pursue a new role. However, no details were disclosed as to which company Murray will be joining.

To ensure a smooth succession, the managing director of The Good Guys, Terry Smart, will assume the top job today. Smart previously held the CEO position of JB Hi-Fi from May 2010 to June 2014.

In addition, Smart and group chief financial officer Nick Wells will join the board as executive directors. This will also come into effect as of today.

JB Hi-Fi chair Stephen Goddard commented on the leadership reshuffle:

The board thanks Richard for his outstanding contribution to the company over the past 18 years, wishes him all the best for the future and looks forward to Terry taking on the role of group CEO and continuing to deliver on the group’s previous success.

About the JB Hi-Fi share price

Over the past 12 months, the JB Hi-Fi share price has gone somewhat on a rollercoaster ride, down 11%. This is a stark contrast from when its shares were on a steep growth trajectory from March 2020 to August 2020.

JB Hi-Fi released its FY21 full-year results during the middle of August.

On valuation grounds, JB Hi-Fi commands a market capitalisation of roughly $5.3 billion, with approximately 114 million shares on hand.

The post Why the JB Hi-Fi (ASX:JBH) share price is edging lower today 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 Bruce Jackson.

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The Wesfarmers Ltd (ASX: WES) $2.3 billion capital return has so far failed to excite investors this morning. The hefty return to shareholders comes following a strong full-year result from the Aussie conglomerate.

However, the Wesfarmers share price is down 2.3% at the time of writing, trading at $62.49. Let’s take a look.

What you need to know about Wesfarmers’ $2.3 capital return

In case you missed it, Wesfarmers released its results for the year ended 30 June 2021 (FY21) this morning. Some of the key takeaways from the update include:

• Revenue up 10.0% on the prior corresponding period (pcp) to $33,941 million
• Earnings before interest and tax (EBIT) up 18.8% on pcp to $3,776 million
• Net profit after tax up 16.2% on pcp to $2,421 million
• Free cash flow down 47.2% on pcp to $2,741 million
• Basic earnings per share (EPS) up 16.2% on pcp to 214.1 cents
• Full-year, fully-franked dividend up 17.1% on pcp to 178 cents

In addition to the above, Wesfarmers announced a significant capital return to shareholders. That is set to come in the form of a 200 cents per share payment on top of the company’s final dividend.

The $2.3 billion capital return to Wesfarmers shareholders comes after years of speculation about the Wesfarmers mergers and acquisitions (M&A) war chest.

Strong performance

Today’s result was backed by strong divisional performance from Bunnings, Kmart Group, Officeworks and Industrial and Safety. The largest EBIT growth was recorded by Kmart (+69.0%) and Industrial and Safety (+79.5%).

Wesfarmers gave approval alongside its joint venture (JV) partner to commence construction at the Mt Holland lithium project. First production of lithium hydroxide is expected to start in the second half of the calendar year 2024.

The Wesfarmers capital return, in addition to the final dividend, will give shareholders a total distribution of 378 cents per share. That wasn’t enough to boost the Wesfarmers share price higher on Friday as investors weighed up the news against future growth opportunities.

The post What you need to know about Wesfarmers (ASX:WES) $2.3bn capital return appeared first on The Motley Fool Australia.

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Motley Fool contributor Ken Hall 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 Wesfarmers 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 AVITA Medical Inc (ASX: AVH) share price is climbing higher this morning following the release of the company’s financial year 2021 (FY21) earnings.

at the time of writing, the AVITA share price is up 7.13%, trading at $5.335.

AVITA Medical share price in focus on 105% revenue increase

Here’s a snapshot of the medical technology company’s performance over FY21:

• US$29.2 million of revenue – up 105% on that of FY20
• Net loss of US$26.5 million – a 37% improvement on FY20’s $42 million loss
• Earnings per share came to a US$1.17 loss

Over FY21, AVTIA’s commercial revenues from its RECELL system were US$21.5 million. The company’s total commercial revenues increased 50% on that of FY20.

Revenues from a contract between AVITA and the U.S. Department of Health and Human Services’ Biomedical Advanced Research and Development Authority within the Office of the Assistant Secretary for Preparedness and Response (BARDA) for the supply of RECELL came to US$7.7 million.

The company also received US$2.1 million of funding from BARDA for FY21, down from US$3.9 million of funding in the previous financial year. The drop in funding was due to the wind down of some activities to do with supporting the US’ Food and Drug Administration’s (FDA) approval of the RECEL system, as well as the compassionate use, continued access programs, and pivotal trials for the treatment of paediatric scald injuries.

AVITA’s total operating expenses dropped 10% to US$51.9 million in FY21.  

Costs involved with sales and marketing fell by 7% to US$14.7 million, due to a lessening in fewer conferences, lower travel expenses due to COVID-19 restrictions, and higher FY20 costs from a product launch.

AVITA’s general and administrative expenses dropped 32% to US$22.4 million.

Research and development expenses increased 61% to US$14.8 million as the company’s clinical trials and related activities for the treatment of vitiligo ramped up.

AVITA ended the period with cash and cash equivalents valued at US$110.7 million and no debt.

What happened in FY21 for AVITA Medical?

Here’s what drove the AVITA share price in FY21:

The major news out of AVITA in FY21 was its latest contract with BARDA.

Under the contract, AVITA provided BARDA with 5,614 RECELL system units. Additionally, AVITA was to support the emergency deployment of the RECELL system for use in mass casualty or other emergency situations. The company announced the news in July 2020.

The company was also listed on the NASDAQ stock market on 1 July 2020. Its prospectus for the dual listing was released to the ASX in March. The proceeds from the prospectus’ offer were around US$69.1 million.

What did management say?

AVITA’s chief medical officer, Dr Mike Perry, commented on the results likely to drive the company’s share price today, saying:

We are excited to report our substantial progress this quarter. As COVID-related restrictions decreased and people resumed everyday activities, the organisation was well-positioned for the marked increase in burn-related accidents.

We realised a significant revenue increase primarily from the increase in burn cases but also from our further penetration in burn centre accounts. We also realised an acceleration of enrolment into our soft tissue reconstruction trial, which is now over half enrolled at 36 of 65 subjects.

What’s next for AVITA Medical?

While AVITA didn’t give any clues as to what those interested in the company’s share price should keep an eye out for, here’s what might interest the market in FY22:

Earlier this month, AVITA announced it had received FDA approval to amend its clinical trial testing if RECELL may help treat vitiligo. As we reported at the time, AVITA stated it could have RECELL available for vitiligo applications in early 2023.

Additionally, another version of AVITA’s RECELL system is under review with the FDA. The company hopes it will be commercialised in the first half of 2022.  

Finally, the company hopes it will be able to launch RECELL in Japan in 2022.

AVITA share price snapshot

The AVITA share price has fallen 1.5% year to date. It is also currently 19% lower than it was this time last year.

The post AVITA Medical (ASX:AVH) share price up 7% following FY21 earnings appeared first on The Motley Fool Australia.

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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 Avita Medical Limited. The Motley Fool Australia has recommended Avita Medical 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 Bega Cheese Ltd (ASX: BGA) share price is in positive territory on Friday morning. This comes after the company released its FY21 full-year results before market open.

At the time of writing, Bega shares are trading at $5.57 apiece, up 1.09% after touching an intraday high of $5.75 in opening trade.

Let’s take a closer look to see how the diversified food company performed during the period.

Bega share price lifts on growth across key metrics

The Bega share price is moving forward following the company’s robust result for the 12 months ending 30 June 2021. Here are some of the key highlights:

• Revenue of $2,703.4 million, up 39% year on year (FY20 $1,493.2 million);
• Earnings before interest and tax (EBIT) of $182.7 million, up 108% (FY20 $87.8 million);
• Net profit after tax of $72.2 million, up 239% (FY20 $21.3 million);
• Earnings per share (EPS) of 27.3 cents, up 176% (FY20 9.9 cents per share); and
• Fully-franked final dividend of 5 cents per share, bringing total FY21 dividend to 10 cents per share.

What happened in FY21 for Bega?

Investors are buying up the Bega share price as the company announced it completed a transformational acquisition during FY21.

This saw Bega expand its branded foods portfolio, gain new market share in growth categories, and significantly strengthen its consumer goods supply chain and organisational capability.

The $528 million takeover of Lion Dairy and Drinks resulted in the company doubling its annualised revenue to $3 billion. In addition, its cold chain distribution network is now one of Australia’s largest with the proportion of sales from branded products in excess of 80%.

Bega did note it experienced a softening in demand for infant formula milk due to changes in the Chinese market. This was created by shifts in customer preferences and a weakened Diagou channel.

What did management say?

Bega executive chair Barry Irvin touched on the result, saying:

The importance of consistent strategy and strong values is never more evident than in times of uncertainty. Our capacity to be agile and change, while remaining confident in the core direction and strategy was again tested and on display in FY2021 as we executed the acquisition of Lion Dairy and Drinks.

We continue to adapt our business to operate in a COVID-19 safe manner and respond to changing customer and supplier requirements.

What’s the outlook for Bega in FY22?

Moving into FY22, Bega advised it would continue to focus on boosting its presence in both domestic and international markets.

Furthermore, it aims to achieve costs synergy benefits from the Lion Dairy and Drinks acquisition, as well as manage the supply of milk. The latter is expected to remain competitive throughout FY22.

No revenue or profit guidance was given by the company.

Bega share price snapshot

Over the past 12 months, the Bega share price is marginally higher, up 7%. Year to date, the company shares have climbed, up by almost 8%.

Based on the current Bega share price, the company has a market capitalisation of around $1.6 billion.

The post Bega (ASX:BGA) share price advances following 39% revenue growth 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 Bruce Jackson.

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The Paragon Care Ltd (ASC: PGC) share price is in the green today after the company released its earnings for financial year 2021 (FY21). 

Right now, the Paragon share price is 30 cents, 5.26% higher than its previous close.

Paragon Care share price gaining on return to profit

Here’s a snapshot of how the producer of medical equipment, devices, and consumables performed during FY21:

• $235.8 million of revenue, 2% more than in FY20
• Net profit after tax of $8.3 million, up from FY20’s $71 million loss
• Earnings before interest, tax, depreciation, and amortisation (EBITDA) of $26.5 million, up 16% on that of FY20
• 419% increase in operating cash flow, which reached $27.5 million
• 1 cent fully franked final dividend

All Paragon’s remaining vendor earn-outs from previous acquisitions were completed in FY21. They totalled $15.3 million. 

The company ended the period with $33.1 million of cash and $69.1 million of debt. 

What happened in FY21 for Paragon?

Here’s what drove Paragon and its share price in FY21:

Paragon’s major news from the financial year just been was a joint venture between Paragon’s diagnostic business, Immulab, and Jiangsu Zojiwat Bio-Pharmaceuticals Co. Ltd.

The companies will be working together to distribute Immulab’s proprietary in vitro diagnostics blood bank reagents in China. 

To do so, they must complete patient trials in at least three domestic clinical institutions, in line with the recommended National Medical Products Administration (NMPA) approval process. The process will likely take around 2 years. 

The joint venture is Paragon’s first foray into China. 

Additionally, Paragon announced it had renegotiated its financial facilities in May. The facilities are with National Australia Bank Ltd (ASX: NAB)

Finally, the company’s aged care-related business was impacted by COVID-19. However, these impacts were offset by growth in its devices pillar and expansion revenue in New Zealand. 

What did management say?

Paragon Care’s CEO Phil Nicholl commented on the news driving the company’s share price today, saying:

These results validate our hard work over the past year to implement continuous improvement processes throughout the company and to diversify our revenue streams across product lines and geographies. The successful renegotiation of our banking facilities was a significant milestone and reflects the underlying strength of our business. We have taken the first steps in our China growth strategy, and we are now investing for growth to leverage our extensive portfolio of best-in-breed med-tech solutions.

What’s next for Paragon?

Here’s what investors interested in the Paragon share price may want to keep an eye on in FY22:

Paragon has stated it is looking to expand its product range and attract new agency agreements. 

It will also focus on cross-divisional selling to fully leverage the maturing pillar structure. Paragon believes this approach will likely see it report 15% EBITDA margins in the future. 

Paragon share price snapshot

The Paragon share price has gained 30% year to date. It is also 50% higher than it was this time last year.

The post Paragon Care (ASX: PGC) share price soars 5% on $8.3 million profit appeared first on The Motley Fool Australia.

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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 Crown Resorts Ltd (ASX: CWN) share price is climbing in early trade this morning. That’s after the company officially announced the retirement of chair Helen Coonan, effective today.

Coonan will be replaced by former Telstra Corporation Ltd (ASX: TLS) CEO Ziggy Switkowski. Jane Halton will act as interim chair until Switkowski is confirmed to his position.

At the time of writing, the Crown share price is trading at $9.44 – up 1.62%%. For context, the S&P/ASX 200 Index (ASX: XJO) is trading 0.05% lower.

Let’s take a closer look at today’s news.

‘Ms Coonan…cannot be the critical face of change required at Crown’

It will be interesting to see how the Crown share price performs today as investors digest the latest news from the embattled casino operator.

Crown Resorts had already signalled to the Victorian Royal Commission looking into its gaming licence in the state that Coonan would leave by the end of this month. The pressure was on the former Howard government minister to step down from the board following a scathing submission by counsel assisting.

“Ms Coonan… cannot be the critical face of the change required at Crown if it is to remain the licensee,” counsel assisting Adrian Finanzio told the Royal Commission at the time.

Finanzio had similarly harsh words for Crown Melbourne CEO Xavier Walsh. Walsh, too, resigned after those adverse comments were made against him. The Crown share price rose on this news.

In today’s release, former chair Coonan said it was a “privilege” working at Crown, especially driving a “transformation of the culture, governance and compliance” of the company.

“My aim has been to stabilise and strengthen the business following the recommendations of the Bergin inquiry and set Crown on the reform path now being embedded across our world-class assets in Melbourne, Perth and Sydney,” she said.

“I have always sought to act in the best interests of Crown and endeavoured to consider the impact on our shareholders, customers, and employees. I am confident the board’s selection of Ziggy as chairman will reinforce the organisation-wide commitment to our reform program.”

She did not address the allegations made against her at the Royal Commission. Crown, however, did previously respond to the comments at the Royal Commission. Counsel for Crown told the inquiry that no findings by counsel assisting “reflect[ed] adversely on her character, honesty, or integrity.”

Dr Switkowski added he looked forward to joining the board, “growing value for shareholders, and continuing reforms at the company”.

Crown share price snapshot

Over the past 12 months, the Crown share price has increased 0.43%. The ASX 200 is up 22.3% over the same period. The impacts of the Royal Commission saw Crown lose all the value it gained from multiple takeover approaches.

Crown has a market capitalisation of about $6.3 billion.

The post Crown (ASX:CWN) share price lifts as controversial chair retires appeared first on The Motley Fool Australia.

More reading

• 10 ASX shares we’re overweight in right now: fund
• The Crown (ASX: CWN) share price lifts after last-ditch licence push
• Crown (ASX:CWN) share price edges higher despite Victorian lockdown
• Crown (ASX:CWN) share price gains as Coonan plans to step down
• Crown (ASX:CWN) share price up despite Crown Melbourne CEO exiting

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 Telstra Corporation 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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