The S&P/ASX 200 Index (ASX: XJO) dropped by 0.6% today to 6,607 points.
Here are some of the highlights from the ASX:
Kogan.com Ltd (ASX: KGN)
Kogan.com released a trading update for the FY21 first half. The Kogan.com share price fell 8.5% in response.
Across the Kogan Group, which includes Kogan.com and Mighty Ape, it said that gross sales went up 96% and gross profit grew 120%.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) grew by more than 175% and EBITDA went up by more than 140%.
The company said it finished with cash of AU$78.9 million with AU$1.4 million of the group's debt facility drawn within Mighty Ape.
In terms of active customers, Mighty Ape finished the half-year with 719,000 and Kogan.com finished with 3,003,000.
Kogan.com said the business had its first week of $30 million, $40 million and $50 million of gross sales in the same week. Gross sales were greater than $50 million for the Black Friday week of 23 November to 29 November.
Gross sales on Black Friday, being 27 November 2020, were greater than $15 million for the day, the biggest day in the history of the business. Kogan Marketplace had its first $10 million week of gross sales in Black Friday week. Matt Blatt had it first week of more than $1 million gross sales.
Kogan.com's founder and CEO Ruslan Kogan said: "We are proud to have delivered another record half while undertaking significant investments into the future of the business. I am so proud of how our team is navigating extreme growth within our core business, and responding to the fast-changing economic, health and supply-chain environment.
"We delivered our largest acquisition to date, in Mighty Ape and expanded the Kogan.com community of members to more than 3 million active customers. We are investing into building strong customer relationships by expanding our logistics capability, our marketing reach and our systems and infrastructure – giving us the foundation to continue delighting customers as the business further scales."
Service Stream Limited (ASX: SSM)
The Service Stream share price jumped 10% today after the company announced a multi-year agreement with Telstra Corporation Ltd (ASX: TLS).
The ASX 200 business said that the contract is for design and construction services.
Under Telstra's new commercial framework, Service Stream will be a key deliver partner responsible for performing design, construction and maintenance activities associated with its wireless and fixed-line infrastructure networks.
The five-year agreement is for an initial period of three years, with two one-year extension options, at Telstra's election. The agreement is expected to transition on or around April 2021.
Whilst the agreement does not provide guaranteed volumes, Service Stream has historically delivered approximately $70 million of wireless and $30 million in fixed-line infrastructure works per annum to Telstra under similar agreements, with a larger pool of delivery partners historically operating across allocated regions.
National Australia Bank Ltd (ASX: NAB)
NAB announced today it has agreed to acquire 100% of the shares in 86 400.
The major ASX 200 bank explained that 86 400 was founded by Cuscal Ltd and led by CEO Robert Bell. It was granted an authorised deposit-taking institution licence in July 2019. As at 15 January 2021, 86 400 had more than 85,000 customers, $375 million of deposits, $270 million in approved residential mortgages and 2,500 accredited brokers.
NAB disclosed that it commenced discussions with 86 400 in late 2020. To support 86 400's growth, NAB bought a minority stake in 86 400 and currently holds an approximate shareholding of 18.3% of the neobank.
The ASX 200 bank wants to acquire the rest of the business for $220 million, including other upfront transaction related expenses up to $220 million.
In April 2020, NAB announced plans to prioritise UBank to deliver a market-leading digital experience and new product propositions to customers. The acquisition of 86 400 will accelerate UBank's growth by combining its established customer base, brand and colleagues with 86 400's experience and technology platform.
The NAB share price dropped 1.6% today.
