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3 ASX results you might have missed: Australian Ethical, Cedar Woods, & CLINUVEL

Although the end of earnings season is in sight, the results continue to come in thick and fast. In light of this, I’m sure a number of results will have flown under the radar on Wednesday.

Three results that you might have missed are summarised below:

Australian Ethical Investment Limited (ASX: AEF)

This ethical investment company’s shares stormed higher on Wednesday after reporting a 29% increase in net profit after tax to $6.5 million in FY 2019. In addition to this, the company revealed that by the end of the period its funds under management reached $3.42 billion, which was a 21% lift on the prior corresponding period. Management advised that this solid growth was driven by continued super membership growth, positive inflows, and its strong investment performance. In light of this, the company’s board declared a fully franked final dividend of 3 cents per share, bringing the total dividend for the year to 5 cents per share. This is an increase of 25% on the previous year.

Cedar Woods Properties Limited (ASX: CWP)

This property developer saw its shares race 3.5% higher yesterday after reporting a record profit for FY 2019. Cedar Woods delivered a 14.2% increase in net profit after tax to $48.6 million thanks to revenue growth across all four states that the company operates in. Cedar Woods’ Managing Director, Nathan Blackburne, advised: “We are pleased to have delivered strong growth in profit, with all four states in which we operate contributing to revenue for the first time in FY19. Apart from the strength of the result achieved in FY19, we have also delivered a number of other initiatives to continue to improve the business.” The Cedar Woods board declared a fully franked final dividend of 13.5 cents per share declared, which lifted the full year dividend by 5% on the prior corresponding period. Looking ahead, forward presales currently stand at $330 million, which is $10 million higher than this time last year.

CLINUVEL Pharmaceuticals Limited (ASX: CUV)

The shares of this skin disorder-focused biopharmaceutical company pushed higher yesterday after it released its full year results. CLINUVEL revealed a 21.8% increase in revenue to $31.05 million and a 40% lift in net profit before tax to $18.1 million in FY 2019. Strong demand for its SCENESSE product was the driver of this strong growth. Management advised: “The posting of our third consecutive and record annual net profit before tax is a milestone for the CLINUVEL Group and underpins our determination to continue self-distribution of our lead treatment, SCENESSE to patients with erythropoietic protoporphyria in Europe.” If the product is approved by the U.S. FDA then FY 2020 could prove to be just as successful.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Australian Ethical Investment Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. 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.

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