The S&P/ASX 200 Index (ASX: XJO) is having a poor session on Tuesday. In afternoon trade, the benchmark index is down 0.5% to 8,264.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Domino's Pizza Enterprises Ltd (ASX: DMP)
The Domino's Pizza share price is down 11% to $28.59. Investors have been selling the pizza chain operator's shares following the release of its half year results. Domino's reported a 2.9% decline in network sales to $2.08 billion and a 6.7% reduction in EBIT to $100.6 million. Despite this profit decline, the company maintained its dividend at 55.5 cents per share.
Johns Lyng Group Ltd (ASX: JLG)
The Johns Lyng share price is down 32% to $2.57. The catalyst for this has been the release of the insurance building and restoration services company's half year results. Johns Lyng reported a 6.1% decline in revenue to $573.1 million and a 15.2% decline in normalised EBITDA to $54.2 million. Management blamed this on "a challenging operating environment with benign weather conditions across Australia resulting in a reduced volume of insurance claims and CAT-related work." In light of this poor first half, the company has downgraded its FY 2025 guidance. It is guiding to revenue of $1.167 billion and EBITDA of $126.5 million. It was previously guiding to revenue of $1.228 billion and EBITDA of $132.5 million.
Polynovo Ltd (ASX: PNV)
The Polynovo share price is down 16% to $1.50. This medical device company's shares have fallen heavily this week following the release of its half year results. Polynovo reported a 28.1% increase in sales to a record of $54.1 million and a 23.9% increase in net profit after tax to $3.3 million. However, causing some alarm bells to ring was its $12.5 million operating cash outflow for the half. In addition, no guidance was provided for the full year.
Praemium Ltd (ASX: PPS)
The Praemium share price is down 11% to 77.5 cents. This morning, this investment platform provider released its half year results and revealed a 32% increase in revenue to $52.3 million and a 45% jump in net profit after tax to $5.8 million. Though, it also recorded an operating cash outflow of $5.2 million for the half. In other news, the company revealed that its CFO has resigned and will be leaving at the end of next week.
