It has been another busy day of earnings releases on Wednesday.
Some results have gone down well with investors, others have not.
For example, listed below are two ASX 300 shares that are being sold off following the release of their respective releases.
Here's what they reported:
Australian Clinical Labs Ltd (ASX: ACL)
The Australian Clinical share price is down 10% to $2.35. This morning, the pathology services company reported a 6.4% decline in revenue to $337.3 million and an 80.5% reduction in profit to $5 million.
This was driven by lower COVID-related earnings and a challenging macro environment. The good news is that management believes things will be better in the second half. It said:
1H FY24 characterised by continued challenging macro environment with reduced referrer availability, increase in GP private billing and hospital challenges. Government initiatives introduced in November 2023 expected to start having a positive impact on 2H
Kelsian Group Ltd (ASX: KLS)
The Kelsian share price is down 12% to $5.79. This follows the release of the travel and transport company's half-year results.
Kelsian, formerly known as Sealink, reported a 44.9% increase in revenue to $982.7 million. But due to weaker margins, it only achieved a 20.4% lift in underlying net profit after tax and before amortisation (NPATA) to $43.1 million.
The ASX 300 share's management notes that "inclement weather in the all-important month of December, as well as a softening in demand for domestic travel in December did impact the result."
Nevertheless, it appears positive on its outlook due to its significant growth opportunities. It said:
The Company is well placed to continue to deliver growth underpinned by economies of scale, efficiencies, and global procurement opportunities. Over the longer term the list of growth opportunities is significant, with many markets around the world liberalising and welcoming operational experts to support their decarbonisation agendas.
