In afternoon trade the S&P/ASX 200 index is on course to record a sizeable decline. At the time of writing the benchmark index is down a disappointing 0.5% to 6,570.1 points.
Four shares that have fallen more than most today are listed below. Here’s why they dropped lower:
The Bubs Australia Ltd (ASX: BUB) share price is down over 4% to $1.18. The catalyst for this decline was the release of its full year results after the market close on Friday. Although the infant formula company delivered a 154% increase in sales to $46.8 million and a 300% jump in gross profit to $9.2 million, investors appear disappointed by its statutory net loss of $35.5 million. It is worth noting that this loss included a $20.4 million non-cash expense for equity linked to the Chemist Warehouse partnership and a series of one-offs.
The Incitec Pivot Ltd (ASX: IPL) share price is down 4% to $3.08. The shares of the manufacturer and distributor of industrial explosives, industrial chemicals and fertilisers crashed lower this morning after it downgraded its full year earnings guidance materially due to tough trading conditions caused by the droughts. At one stage its shares were almost 15% lower at a 52-week low of $2.74.
The Paragon Care Ltd (ASX: PGC) share price has sunk 14% lower to 39.5 cents after the medical equipment supplier’s full year result disappointed investors. Paragon Care posted a 101% increase in revenue from continuing operations to $236.1 million but a 37% decline in net profit after tax to $8.8 million. Earnings per share from continuing operations fell a whopping 70% to 2.7 cents.
The Slater & Gordon Limited (ASX: SGH) share price has crashed 19% lower to $1.22 after returning from its trading halt. This morning the law firm announced the successful completion of the institutional component of its entitlement offer. Slater & Gordon raised approximately $75.6 million at $1.15 per share. It intends to use much of the proceeds to repay its existing $64.4 million syndicated facility in full.