Last week reporting season kicked off and the first set of results were released to the market.
In case you missed them, summarised below are three top results from the first week of reporting season. They are as follows:
Nick Scali Limited (ASX: NCK)
This furniture retailer was on form in FY 2021, doubling its profit and outperforming its guidance in the process. For the 12 months ended 30 June, Nick Scali reported a 42.1% year on year increase in sales revenue to $373 million. This was driven by same store sales growth of 34%, strong online growth, and new store openings. And thanks to margin expansion, underlying net profit after tax was up 100% to $84.2 million. This beat its guidance of $78 million to $80 million.
Pinnacle Investment Management Group Ltd (ASX: PNI)
Pinnacle Investment Management shares were on form last week after investors responded positively to its full year results. The investment company revealed that its funds under management increase 52% year on year to $89.4 billion. This underpinned an impressive 108% increase in net profit after tax to $67 million for FY 2021. Pleasingly for shareholders, this strong form meant Pinnacle was able to double its dividend to 17 cents per share.
REA Group Limited (ASX: REA)
REA Group released a strong full year result on Friday. For the 12 months ended 30 June, this property listings company delivered a 13% increase in revenue to $928 million and a 19% jump in earnings before interest, tax, depreciation and amortisation (EBITDA) to $565 million. The latter was ahead of the market consensus estimate of $560 million. Management advised that this was driven by excellent cost control and a strong Residential market recovery. This offset significant first quarter listing declines in Melbourne due to COVID lockdown measures. Taking some of the gloss off the result was management revealing a decline in listing volumes during July because of lockdowns.