A number of results have hit the All Ords today. Some have gone down well with investors, other have had them hitting the sell button.
Three results that are in the latter category are summarised below. Here's why investors are selling these ASX All Ords shares:
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CogState Limited (ASX: CGS)
The CogState share price is down 20% to $1.30. This morning, this ASX All Ords neuroscience technology company revealed that it expects to report a 12% decline in first-half clinical trials revenue to $17.1 million and breakeven profit before tax.
Management advised that its revenue and profit were impacted by a slower than expected enrolment of patients by pharmaceutical companies in a small number of their large Alzheimer's trials. More of the same is expected in the second-half, with management guiding to a full-year revenue decline of 6% to 9%.
Fineos Corporation Holdings PLC (ASX: FCL)
The Fineos share price has crashed 16% to $1.65. Investors have been selling the shares of this leading provider of core systems for employee benefits and life, accident and health insurance after its first-half loss widened.
Fineos posted an 18.4% increase in subscription revenue to 29.9 million euros and a 14.7% lift in annual recurring revenue (ARR). However, overall revenue was down 6% on the prior corresponding period.
On the bottom line, the ASX All Ords company posted a loss after tax of 14.6 million euros, up from a loss of 4.6 million euros a year earlier.
Resimac Group Ltd (ASX: RMC)
The Resimac share price is down 9% to $1.06. This morning, this residential mortgage lender released its half-year results and reported a 30% decline in normalised net profit after tax to $37.5 million.
This was driven by a sharp reduction in home loan settlements compared to the prior corresponding period due to the impact of inflation and rising interest rates on household cost-of-living.
Management warned that there are no signs of relief in rising interest rates and inflationary pressures this year, which is likely to mean a tough second half. However, it remains positive on the medium term outlook.
