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The Telstra Corporation Ltd (ASX: TLS) share price is moving upwards in morning trade on Thursday following the release of its full-year results. At the same time, the company unveiled a juicy $1.35 billion share buyback for Telstra shareholders.

It appears the market is sufficiently pleased with the increase in earnings from the telco giant compared to the previous year. As a result, shares in one of Australia’s largest companies are currently fetching $3.95 apiece.

What is getting investors excited?

Despite total income falling 11.6% to $23.1 billion for the company, investors seem relatively pleased with today’s results. Cost reductions and increased revenue from its mobile business helped Telstra along to a slight increase in the bottom line.

Moreover, the commentary from CEO Andy Penn was rather positive. For instance, Penn noted that Telstra delivered on its guidance, marking a turning point in its financial trajectory.

An important one for long-term shareholders, the CEO suggested that Telstra’s underlying business would return to full-year growth in FY22.

The Telstra share buyback

Drawing much excitement for shareholders, Telstra also announced it would be undertaking a $1.35 billion share buyback as a means of returning capital from the InfraCo Towers transaction. The cash splash is undoubtedly lighting up dollar signs in investor’s eyes this morning.

Furthermore, the buyback will be conducted on-market during FY22. However, the exact dollar figure and timing is said to be dependent on market conditions.

Commenting on the capital return, Penn said:

When we launched T22, we committed to establishing a standalone infrastructure business unit for three reasons: to give transparency of those assets, to bring a harder commercial edge to how we operationalise them, and to create optionality with a view to maximising shareholder value.

This share buy-back is a clear demonstration of how we are creating additional long-term value for our shareholders.

The proposed start date was specified as 17 September 2021 in another document released to the ASX.

At the time of writing, the Telstra share price is trading at $3.95, representing an increase of 3.13%.

The post Everything to know about the Telstra (ASX:TLS) $1.35bn share buyback appeared first on The Motley Fool Australia.

More reading

• Telstra (ASX:TLS) share price lifts off after dividend announcement
• Why GrainCorp, Myer, QBE, & Telstra shares are storming higher
• Telstra (ASX:TLS) share price on watch after hitting guidance & $1.35bn buyback
• 5 things to watch on the ASX 200 on Thursday
• Telstra (ASX:TLS) FY 2021 results preview

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 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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In late morning trade, the S&P/ASX 200 Index (ASX: XJO) has given back most of its morning gains and is trading just a fraction higher. At the time of writing, the benchmark index is up slightly to 7,585.2 points.

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

GrainCorp Ltd (ASX: GNC)

The GrainCorp share price has jumped 13% to $6.20. Investors have been fighting to get hold of the integrated grain and edible oils company’s shares after it upgraded its guidance. According to the release, GrainCorp now expects its underlying earnings before interest, tax, depreciation and amortisation (EBITDA) to be in the range of $310 million to $330 million in FY 2021. This is up from its previous guidance of $255 million to $285 million. It is also a material increase on FY 2020’s underlying EBITDA of $108 million.

Myer Holdings Ltd (ASX: MYR)

The Myer share price has stormed 8.5% higher to 51 cents. The catalyst for this was the release of a solid trading update by the department store operator. According to the release, Myer expects to report a 5.5% increase in sales to $2,658.3 million for FY 2021. This follows a 38.3% jump in second half sales compared to the prior corresponding period. This is expected to underpin a full year net profit after tax of $47 million to $50 million. In FY 2020 Myer posted a loss of $11.3 million.

QBE Insurance Group Ltd (ASX: QBE)

The QBE share price has jumped 8% to $12.52. This follows the release of a first half result which revealed strong gross written premium (GWP) and profit growth. QBE revealed GWP growth of 26.9% to US$10,203 million and an adjusted cash profit after tax of US$463 million. The latter compares to a US$66 million loss in the prior corresponding period.

Telstra Corporation Ltd (ASX: TLS)

The Telstra share price is up 3.5% to $3.97. Investors have been buying the telco giant’s shares after it achieved its FY 2021 guidance, maintained its dividend, and announced a $1.35 billion on-market share buyback. Another big positive was management guiding to underlying EBITDA growth of 4.5% to 9% in FY 2022.

The post Why GrainCorp, Myer, QBE, & Telstra shares are storming higher appeared first on The Motley Fool Australia.

More reading

• Telstra (ASX:TLS) share price lifts off after dividend announcement
• Everything to know about the Telstra (ASX:TLS) $1.35bn share buyback
• Myer share price leaps 7% on positive trading update
• GrainCorp (ASX:GNC) share price jumps 12% on guidance upgrade
• QBE (ASX:QBE) share price in focus after delivering strong first half growth

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 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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The Myer Holdings Ltd (ASX: MYR) share price is soaring this morning after the company announced it expects to report a profit for the second half of the 2021 financial year, a feat it hasn’t managed since 2017.

The positive news came in the form of a trading update from the retailer this morning. The update detailed some of the company’s unaudited results for the financial year just been.

The Myer share price has gained 8.51% on the back of the news. Shares in the company are currently swapping hands for 51 cents apiece.

Let’s take a closer look at today’s news from the formerly-embattled department store operator.

Its a good day for Myer

The Myer share price is being boosted by the company reporting a likely green balance sheet.

The last time Myer reported a profit for the second half of any financial year was 4 years ago.

The good news comes despite the company having been hit with COVID-19 travel restrictions and lockdowns over the fourth quarter.

Its unaudited results for the last 6 months of the financial year just been saw it with net profits after tax of between $4 million and $7 million.

Additionally, Myer has brought in around $2.65 billion in sales over the 53 weeks ended 31 July. That represents a 5.5% increase on the financial year prior.

It also plans to report earnings before interest, tax depreciation, and amortisation (EBITDA) of between $174 million and $179 million. For comparison, last financial year the company reported an EBITDA of $93.5 million.

That figure has seen the company with a net profit after tax of between $47 million and $50 million.

As of 31 July, Myer could boast a bank balance of around $112 million – $104 million more than it could at the same point of 2020.

It has also bargained for an extension of its finance facility, which is now due in November next year.

Commentary from management

Myer’s CEO John King commented on the results boosting the company’s share price:

Our Customer First Strategy continues to gain momentum, delivering a significantly improved full year profit result, despite the ongoing COVID impacts in FY21. We will provide further detailed commentary at our audited results announcement in September.

Myer share price snapshot

It’s been a good year so far for the Myer share price.

It has gained 68% since the start of 2021. It is also 152% higher than it was this time last year.

The company has a market capitalisation of around $386 million, with approximately 818 million shares outstanding.

The post Myer share price leaps 7% on positive trading update appeared first on The Motley Fool Australia.

More reading

• ASX 200 edges higher, Crown falls, Pointsbet rises
• Myer (ASX:MYR) share price rallies to 52-week high despite lockdowns

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 Mirvac Group (ASX: MGR) share price is on the move in early trade after the Australian property group reported its FY21 earnings before the bell.

Let’s investigate further.

Mirvac share price hits 52-week high after reporting 61% statutory profit growth

The Mirvac Group share price opened at $3.07, a 52-week high for the development company.

However, the price quickly retreated, and by mid-morning, it was changing hands for $2.99, down 0.33%.

Some key investment highlights from the report include:

• Statutory profit of $901 million, up 61% year on year
• Operating profit of $550 million, down 9% from $602 million in June 2020
• Dividends per share of 9.9 cents, an increase of 9%, signifying total distributions of $390 million
• Gearing of 22.8%, and return on invested capital (ROIC) of 7.2%, up from 5.2% a year prior
• Reduction in the group’s carbon footprint by 80% across the portfolio
• Residential settlements of 2,526 lots exceeded guidance of 2,200 lots
• Highest number of residential sales since FY16 at 3,375 sales.

What happened in FY21 for Mirvac Group?

Positively for the Mirvac Group share price, a strong growth schedule in its core operations over the year underscored a healthy performance from the company.

Net operating income came in at $581 million, up 5% from June 2020, whereas operating cash flow was up 41% year on year at $635 million.

One particular takeout was a valuation gain of $121 million in its commercial and mixed-use segment. This was driven by “retained ownership interest in completed developments”, in addition to fair value gains on investment properties “under construction”.

Mirvac also gained about 200 basis points of gross development margin from the year prior. It maintained liquidity of $867 million from its balance sheet and “undrawn bank facilities”.

As a result, the company maintained its A-/A3 credit ratings with rating agencies Fitch Ratings and Moody’s Investors Service.

Finally, Mirvac revealed its property pipeline now extends to approximately $28 billion, after the group’s first build-to-rent project was launched to include another 1,860 apartments in the pipeline. The estimated end value of these projects is about $1.4 billion.

What did management say?

Speaking on the Group’s performance, Mirvac CEO Susan Lloyd-Hurwitz said:

We saw momentum accelerate right across the business in FY21, with our powerhouse asset creation capability continuing to generate significant value. We secured the highest number of residential sales since FY16, made key disposals well above book value, and our outperforming investment portfolio achieved significant property revaluation gains and strong cash collection rates.

Regarding capital management, Hurwitz added:

A continued focus on prudent capital management during FY21 has enabled the Group to manage the volatility caused by the global pandemic, providing us with flexibility and sufficient financial headroom to capitalise on improving market and business conditions.

What’s next for Mirvac?

Mirvac expects to settle “greater than” 2,500 lots in FY22, with strong margins supported by its portfolio of predominantly master-planned communities.

In addition, Mirvac also sees itself “benefiting from strong residential conditions” over the coming periods. As such, it foresees a “residential pre-sales balance of $1.2 billion”, with over “90% of FY22 EBIT now secured”.

The company also provided FY22 guidance on earnings and its dividend distribution schedule.

It estimates earnings per share (EPS) of “at least” 15 cents for FY22, calling for a 7.1% year on year increase.

Moreover, Mirvac also forecasts dividends per share of 10.2 cents, signifying a growth of 3%.

Mirvac’s full-year guidance is “based on the assumption that business conditions will normalise in the last quarter of CY21” when Covid vaccination numbers increase.

The Mirvac Group share price has climbed 12.8% this year to date, extending its 12-month gains to 40.3%.

This has outpaced S&P/ASX 200 Index (ASX: XJO) returns of about 23.8% over the past year.

The post Mirvac Group (ASX:MGR) share price opens 2.3% higher on FY21 results appeared first on The Motley Fool Australia.

More reading

• AMP (ASX:AMP) share price higher despite cancelling dividend
• Neometals (ASX:NMT) share price slips on battery recycling update
• New CEO announcement boosts Praemium (ASX:PPS) share price
• Why the Contact Energy (ASX:CEN) share price is taking off today
• Goodman Group (ASX:GMG) share price falls after FY21 results

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 AMP Limited (ASX: AMP) share price is pushing higher on Thursday morning following the release of its first half results.

At the time of writing, the financial services company’s shares are up 2% to $1.10.

What happened in the first half?

For the six months ended 30 June, AMP reported an 8% increase in Australian wealth management assets under management to $121 billion.

Combined with a 6% reduction in controllable costs, excluding AMP Capital, this led to a 57% jump in net profit after tax to $181 million.

Taking some of the shine off the result, and potentially holding back the AMP share price a touch, was news that no interim dividend was declared.

Why is there no AMP dividend?

According to the release, AMP has decided against paying a dividend at this stage.

This is due to the Board wanting to maintain a conservative approach to capital management and its dividend until the requirements for the AMP Capital Private Markets demerger and future strategies are finalised.

Though, it has been returning funds to shareholders in other ways. This morning the company confirmed that its previously announced on-market share buy-back of up to A$200 million is now complete. It concluded on 30 June, with the deployment of $196 million of capital to repurchase and cancel 170.5 million shares.

When will its dividends return?

As mentioned above, AMP is holding back from paying a dividend until its strategies and demerger plans are finalised.

In respect to the latter, the demerger of the AMP Capital private Markets is progressing well. For example, the company notes that in June, internationally respected asset management executive, Shawn Johnson, joined as AMP Capital CEO to set its international growth strategy and lead its demerger.

Furthermore, a number of workstreams have been established to deliver internal operational separation in FY 2021. After which, a demerger and ASX listing is expected to occur in the first half of FY 2022, following shareholder approval.

Based on this, it is conceivable that there will be an AMP dividend in the second half. But time will tell if that is the case.

The post AMP (ASX:AMP) share price higher despite cancelling dividend appeared first on The Motley Fool Australia.

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• AMP (ASX:AMP) share price on watch as net profit jumps 57%
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• If you invested $1000 in AMP (ASX:AMP) shares a decade ago, this is how much it would be worth now
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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 Neometals Ltd (ASX: NMT) share price is in the red in early trade this morning, currently down 1.18% at 84 cents.

Today’s dip comes after Neometals confirmed it had commissioned the first stage of its battery recycling trial.

Let’s investigate further.

Quick recap on Neometals

Neometals is in the minerals exploration business, primarily in lithium, titanium and similar metals. The company has operations in Western Australia and Germany, with expertise in extracting valuable metals for a range of applications.

At the time of writing, the company has a market capitalisation of $466 million.

Battery recycling plant – stage 1 commissioned

In today’s release, Neometals advised it had successfully commissioned the front-end shredding and benefiction circuit (stage 1) of its lithium-ion recycling demonstration plant in Germany.

The plant is owned by Primobius GmbH, a 50:50 joint venture between Neometals and SMS Group GmbH.

According to Neometals, stage 1 involves the physical removal of metal electrodes, plastic separators and casings. It produces a combination of cathode materials which is known as “black mass”.

The front-end commissioning also processed “dummy and charged” electric vehicles to produce plastic, steel and foil alongside around 1.5 tonnes of black mass.

In addition to stage 1, the facility comprises a back-end hydrometallurgical refining circuit as stage 2, which is currently “progressing through mechanical and electrical installation”.

Neometals said the stage one commissioning was a “significant step” for Primobius. Investors can now expect the stage 2 refining circuit to be commissioned in September.

Commissioning of the hydrometallurgical refining circuit is expected in September 2021 with all trials due for completion by November 2021.

The hydrometallurgical refining circuit will produce, amongst other things, high-purity metal sulphate products for evaluation by potential customers, partners and offtakers.

Neometals share price snapshot

The Neometals share price has posted a year to date gain of 209%, extending the previous 12 month’s climb of 367%.

These results have outpaced the S&P/ASX 200 Index (ASX: XJO)’s return of around 25% over the past year.

The post Neometals (ASX:NMT) share price slips on battery recycling update appeared first on The Motley Fool Australia.

More reading

• Neometals (ASX:NMT) share price rockets 7% after pilot trial update
• The Neometals (ASX:NMT) share price has almost doubled in 2021

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 Commonwealth Bank of Australia (ASX: CBA) share price has been boosted in the past by its investment in unlisted buy now, pay later giant Klarna.

CBA has recently taken account of the value of its investment, envisioning it to be worth $15 billion more than Square valued Afterpay.

In CBA’s full-year results, released to the market yesterday, the bank valued its approximate 5% stake in Klarna at around $2.7 billion. In June 2020, CBA valued the stake at just $506 million.

CBA’s new valuation means it interprets Klarna to be worth approximately $54 billion – a figure it believes to be conservative.

So, how has Klarna affected Commonwealth Bank’s share price over the years? Let’s take a look.

Klarna’s impact on CBA

In January 2020, CBA upped its stake in Klarna to around 5%. In return it received a 50% interest in Klarna Australia and New Zealand.

Klarna officially launched in Australia on 30 January 2021 and in New Zealand on 4 May 2021.

CBA had previously paid $100 million for 1.8% of the BNPL giant. The additional 3.7% cost the bank $200 million.

The CBA share price gained just 0.9% on the bank’s increased investment and 0.8% when it launched in New Zealand. Clearly, shareholders weren’t aware of its growth capabilities. Nowadays, Commonwealth Bank’s investment in Klarna is known to have been an absolute bargain.

The net return on CBA’s investment is currently around $2.4 billion – an 800% return on investment.

On the day the Commonwealth Bank upped its stake in Klarna, the CBA share price was $85.44. It has since gained nearly 26% to trade at $107.41 at the time of writing.

That means, using the number of outstanding shares available in the bank today, its market capitalisation has increased by $402 million in that time. That is a far greater increase than the growth of CBA’s investment in Klarna.

When estimating the value of the BNPL giant, the bank stated it took into account the value of similar listed companies, Square’s bid for Afterpay, and a recent capital raise conducted by Klarna in June.

At the time of the capital raise, Bloomberg reported it valued Klarna at US$45.6 billion ($61.8 billion using today’s exchange rate).

The CBA share price gained 0.7% the day news broke of Klarna’s capital raise.

How has Klarna impacted the CBA share price?

While CBA’s investment in Klarna has undoubtably boosted the value of CBA, it’s hard to specify how much it has contributed to the bank’s valuation.

However, the CBA share price has been growing strongly alongside Klarna’s value.

It’s gained 28% year to date and 45% since this time last year.

The post What impact has BNPL giant Klarna had on the CBA (ASX:CBA) share price? appeared first on The Motley Fool Australia.

More reading

• ASX 200 rises, CBA climbs after FY21 report, Iress jumps
• The ASX reporting wrap-up: CBA, Mineral Resources, IAG
• CBA (ASX:CBA) share buyback ahead of forecast: broker
• What you need to know about the CBA (ASX:CBA) dividend dates in 2021
• CBA, James Hardie and Challenger profit in the spotlight. Scott Phillips on Nine’s Late News

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 has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Contact Energy Limited (ASX: CEN) share price is gaining in morning trade, up 3%.

Below we take a look at the ASX energy company’s latest contract announcement.

What did Contact announce?

Contact Energy’s share price is gaining after the company reported on a 15-year, renewable energy power purchase agreement with Genesis Energy Ltd (ASX: GNE).

Key terms of the agreement, signed today, stipulate that commencing in 2025 Contact will supply Genesis with up to 62.5 megawatts of electricity.

That’s equivalent to 41% of the the152-megawatt capacity from the company’s geothermal power station. Contact expects that the power station, currently under development at Tauhara, New Zealand, will be complete in mid-2023.

Commenting on the agreement, Contact Energy’s CEO, Mike Fuge said:

It’s fantastic to see customer support for the country’s leading renewable development. These sort of long-term commitments, backed by the lowest cost projects, are good for New Zealand as they keep electricity prices as low as possible and encourage the development of new renewable generation.

It also demonstrates the importance of the Tauhara development’s role in helping reduce New Zealand’s emissions. The power station will operate 24/7, have low emissions and will not be reliant on the weather.

Genesis’ CEO, Marc England added, “This arrangement with Contact will help us deliver on both our Future-gen strategic targets and our commitment to remove at least 1.2 million tonnes of annual carbon emissions by 2025.”

England said Genesis will have more renewable prospects it will announce to the market in the near-term.

Contact expects Tauhara will replace 1.3 terawatt hours of thermal generation from New Zealand’s electricity system. That should cut some 450,000 tonnes of carbon emissions annually.

The agreement commences on 1 January 2025. The financial details remain confidential at this time.

Contact Energy share price snapshot

Contact Energy’s share price is up 38% over the past 12 months. In comparison, the S&P/ASX 200 Index (ASX: XJO) is up 24% over that same time.

The Contact Energy share price has struggled in 2021, down 9% year-to-date.

The post Why the Contact Energy (ASX:CEN) share price is taking off today appeared first on The Motley Fool Australia.

More reading

• Goodman Group (ASX:GMG) share price falls after FY21 results
• New CEO announcement boosts Praemium (ASX:PPS) share price
• Appen (ASX:APX) share price slides following board renewal
• GrainCorp (ASX:GNC) share price jumps 12% on guidance upgrade
• The Damstra Holdings (ASX:DTC) share price is up 50% in a month!

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 Goodman Group (ASX: GMG) share price has sold off sharply this morning after the company released its full-year FY21 results.

Shortly after opening, shares in the industrial real estate investment trust (REIT) tumbled 4.97% to $22.01. They have since regained some ground and at the time of writing are down 3.5% to $22.35.

Goodman share price slumps despite exceeding guidance

• Operating profit of $1.22 billion, up 15% on FY20
• Operating earnings per security (EPS) of 65.5 cents, up 14.1%
• Statutory profit of $2.3 billion
• Distribution of 30.0 cents per share
• Total assets under management (AUM) of $57.9 billion, up 12%
• Portfolio occupancy rate of 98.1% and like-for-like net property income growth of 3.2%

What happened in FY21 for Goodman Group?

In FY21, the Goodman Group share price has been supported by the company’s focus on high barrier to entry markets where land is scarce and use is intensifying.

The company was pleased to highlight that customer demand for space in its locations continues to increase across a range of industries.

“The prolonged impacts of the global pandemic continue to accelerate consumers’ propensity to shift to online shopping. Logistics and warehousing has provided critical infrastructure to enable distribution of essential goods to time-sensitive consumers through this period.”

As a result, the company cited increasing utilisation of its facilities with an occupancy rate of 98.1% at a weighted average lease expire (WALE) of 4.5 years.

This theme has carried through to the company’s development pipeline, with $10.6 billion worth of work in progress.

Encouragingly, the company said there were high levels of pre-commitment at 70% with a 14-year WALE. Additionally, it said projects completed in FY21 were 96% leased.

More broadly speaking, Goodman Group said that “around the world … continues to undertake long-term value-enhancing opportunities by targeting higher and better use through re-zoning or increased floor space ratios with multi-level warehousing facilities”.

Goodman Group’s FY21 results exceeded its latest forecast of $1.2 billion in operating profit or an earnings per share (EPS) growth of 12%.

Despite coming out ahead of its forecasts, the Goodman share price has tanked 3.5% to $23.35.

What did management say?

Goodman Group chief executive officer Greg Goodman was pleased with the company’s performance.

Goodman’s adaptable and flexible approach has enabled our people to continue to perform at a high standard and deliver a very strong result in the current environment, with health and well-being remaining a critical priority.

Mr Goodman also highlighted the tailwinds behind the company’s focus on high-quality real estate.

Long-term structural trends are well established and are resulting in higher utilisation of space and customer demand. This is providing greater visibility around future requirements for space, and accordingly we have increased WIP further to $10.6 billion at June 2021. The development and valuation growth is flowing through to our partnership platform, where total AUM has increased 12% to $57.9 billion in FY21. With strong income and capital growth, our partnerships have delivered average returns of 17.7%.

What’s next for Goodman Group

Looking ahead, Goodman Group said it expects to deliver FY22 operating EPS of 72.2 cents. That would be a 10% increase on FY21 figures.

The company’s forecast FY22 distribution is expected to remain steady at 30 cents per share.

Despite the sharp pullback on Thursday, the Goodman share price has rallied more than 16% year-to-date. It is also up 21% in the past 12 months.

The post Goodman Group (ASX:GMG) share price falls after FY21 results 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 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 Praemium Ltd (ASX: PPS) share price is climbing higher today.  

At the time of writing, shares in the fintech company are trading higher for the day near their all-time high of $1.28.  

The Praemium share price has perked up after announcing changes to its senior management earlier today.

Let’s take a look at what Praemium announced.

Praemium share price lifts on CEO announcement

The Praemium share price is poised to lift after announcing the appointment of a new Chief Executive Officer (CEO).  

In an announcement to the market earlier today, the company announced the appointment of Anthony Wamsteker as CEO.

Praemium noted that Mr Wamsteker has been part of the company’s board since November 2020, after serving as the Chairman of Powerwrap previously.

Mr Wamsteker has held the role of Executive Director and Interim CEO of Praemium since May 2021.

According to the update, Mr Wamsteker will assume the role effective from the 16^th of August 2021.

The official appointment of Mr Wamsteker follows the shock departure of the company’s previous CEO earlier this year.

More on the Praemium share price

Praemium is a global fintech company that provides technology platforms for managed accounts, investment administration and financial planning.

The company boasts more than 300,000 investor accounts covering over $170 billion in funds globally for more than 1,000 financial institutions.

The Praemium share price has powered along in 2021.

Shares in the fintech have soared more than 95% since the start of the year.

The Praemium share price received a boost recently after reporting a promising quarterly update last month.

For the June quarter of 2021, Praemium reported record quarterly inflows of $1.2 billion.

In addition, it highlighted that total funds under administration (FUA) soared to a record of $41.7 billion.

Praemium’s Australian operations led the charge, with a 223% year-on-year increase in FUA. The company’s international platform had a more subdued performance, up 55% year-on-year.

In addition, Praemium also announced that the company had completed a strategic review of its international operations.

The review concluded with the recommendation that Praemium divests its international business through a formal sale process.

According to the update, Praemium’s board supported the recommendation.

As a result, shares in Praemium will receive extra attention this reporting season.

The company is slated to release its full-year results for the 2021 financial year on Monday 16 August 2021.

The post New CEO announcement boosts Praemium (ASX:PPS) share price appeared first on The Motley Fool Australia.

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Motley Fool contributor Nikhil Gangaram 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 Praemium Limited. The Motley Fool Australia has recommended Praemium 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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