Tuesday 28 February 2017 by FIIG Research Company updates

Australian company updates – Ausdrill, BHP, Cash Converters, CML, Emeco, PMP, Sunland and more

Reporting season is drawing to a close, but still we had eight Australian companies announce their 1H17 results over the week. Further, IMF Bentham has announced its expansion into Houston Texas and Mackay Sugar sought advice for its capital management and strategic direction

Ausdrill

Ausdrill Limited posted strong results for 1H17 and won significant new contracts.

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Axsesstoday Group

Axsesstoday Group has posted strong 1H17 results.

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BHP Billiton

BHP Billiton has posted its results for the first half 2017, driven by higher prices and further cost efficiencies.

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Cash Converters

Cash Converters recorded disappointing 1H17 results as it exits from small amount credit contracts and signalled that FY17 net profit after tax would be at the low end of the previously advertised range. However as the loan book is run down, cash is released which helped reduce net debt by $24.7m over the half to $35.7m.

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CML Group

CML has posted solid results with EBITDA of $5.9m, up 181% on the prior corresponding period.

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Emeco

Emeco has published a supplemental disclosure for its restructuring scheme, and announced that Black Diamond is to become a major holder of its notes following settlement date.

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Further, Emeco has released solid 1H17 results, driven by increased operating utilisation and ongoing cost reductions.

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IMF Bentham

IMF Bentham advised that it will open an office in Houston, Texas. IMF first established its US presence in New York in 2011, then expanded to Los Angeles in 2013 and San Francisco in 2015 after experiencing strong case growth.

Equity markets responded positively to the news.

Mackay Sugar

Mackay Sugar engaged corporate advisory and investment banking company Kidder Williams to advise on the strategic direction and capital management of the company.

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PMP

PMP has recorded weak results for 1H17, attributed to intense competition as well as customers delaying signing contracts until the IPMG merger is complete.

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Sunland

Sunland released its 1H17 results, reconfirming full year net profit after tax (NPAT) guidance of $35m.

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