At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is giving back some of last week's strong gains. The benchmark index is currently down 0.85% to 6,075 points.
Here's what is happening on the market today:
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JB Hi-Fi result impresses.
The JB Hi-Fi Limited (ASX: JBH) share price is pushing higher on Monday after the release of its full year results. The retail giant had a very strong 12 months and delivered an 11.6% increase in total sales to $7.9 billion and a 33.2% lift in underlying net profit after tax to $332.7 million. This strong profit growth resulted in JB Hi-Fi increasing its full year dividend by the same margin. It is paying a 90 cents per share fully franked final dividend, bringing its total dividend to 189 cents in FY 2020. This is 33.1% higher than FY 2019's dividend.
Altium delivers solid profit and revenue growth.
The Altium Limited (ASX: ALU) share price pushing higher today after it delivered a full year result in line with expectations. The electronic design software company delivered revenue growth of 10% to US$189 million and a 13% lift in EBITDA to US$76.63 million. This was despite the pandemic putting pressure on its end of year sales. Looking ahead, the company continues to target revenue of US$500 million by 2025. Though, it has warned that the pandemic could push this back by 6 to 12 months.
Bendigo and Adelaide Bank sinks on profit collapse.
The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price is sinking lower on Monday after the release of its full year results for FY 2020. Tough trading conditions led to Bendigo and Adelaide Bank reporting a 27.4% decline in cash earnings after tax to $301.7 million. In light of this, the bank deferred its final dividend decision. Unfortunately, FY 2021 may not be much better. Management warned that market conditions were expected to remain challenging this year.
Best and worst ASX 200 shares.
The best performer on the ASX 200 on Monday has been the Beach Energy Ltd (ASX: BPT) share price with a 5.5% gain. This follows the release of the energy producer's full year results and its growth outlook through to FY 2025. Beach advised that it is on track to deliver production of 37 to 43 MMboe by FY 2025. This is up from 26.7 MMboe in FY 2020. The worst performer has been the GWA Group Ltd (ASX: GWA) share price with a 9% decline following the release of a disappointing full year result.
