Political chaos continues to weigh on the market on Thursday and has led to the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) dropping 0.2% to 6,252.1 points.
Four shares that have fallen more than most today are listed below. Here’s why they have plunged lower:
The ARQ Group Ltd (ASX: ARQ) share price has dropped 30.5% to $2.19 after the release of the IT services company’s half year results. Although ARQ, formerly known as Melbourne IT, delivered a solid interim result with underlying profit rising 18.2% to $9.1 million, its outlook appears to have spooked investors. It advised that the SMB business will underperform this year due to lower than anticipated Solutions sales and the unexpected cancellation of services from a major customer.
The Flight Centre Travel Group Ltd (ASX: FLT) share price has tumbled almost 9% to $61.24 after the travel agent’s profit result fell short of the market’s expectations. Flight Centre posted a net profit after tax of $264.2 million, compared to the Bloomberg consensus estimate of $275.5 million. In addition to this, the ABC has reported that 200 current and former Flight Centre employees have contacted it with complaints about their experience at the travel giant. This follows an ABC investigation which unearthed staff claims of customer rip-offs and a toxic culture.
The IDP Education Ltd (ASX: IEL) share price is down almost 3.5% to $9.80 after the provider of international student placement and English language testing services reported its full year results. For the 12 months ended June 30, IDP Education reported total revenue of $487 million and EBITDA of $89 million. This was a 24% and 30% increase, respectively, on the prior corresponding period. But with its shares trading at 48x earnings, it seems this growth wasn’t enough for some investors.
The iSentia Group Ltd (ASX: ISD) share price has plunged 41.5% lower to 47.5 cents following the release of the media monitoring company’s full year results. The company reported an 11.6% decline in statutory revenue to $137.1 million and a 31% decline in EBITDA to $28.6 million. Unfortunately, management expects similar declines in FY 2019.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Flight Centre Travel Group Limited. The Motley Fool Australia has recommended iSentia Group Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.