The final week of the June 30 reporting season and it’s mostly the rats and mice amid the odd corporate major that will release their full year (and occasional half year) figures.
Up to last friday some 85% of companies had reported and the AMP’s Chief Economist, Dr Shane Oliver says results have proved to be pretty solid.
A total of 24 ASX 200 companies are down to report this week.
Today its Amaysin, Fleetwood, Gazal, Michael Hill, Select Harvests and Spark Infrastructure. Tomorrow its Appen, Caltex (haf year), Boral, Blackmores, Adairs, Austal, Prime Media, and Noni B. Wednesday sees Bellamy’s, Ainsworth Game Tech, Cabcharge, Retail Food Group, Speciality Fashion, Virgin Australia, Regional Express and Cash Converters. Thursday its Perpetual, PMP, Bega Cheese and Ramsay Health and on Friday, the last day of the season, its Harvey Norman and Slater and Gordon.
Dr Oliver says around 47% of results have surprised on the upside compared to a norm of 44%.
“The breadth of profit increases is high with 79% reporting higher profits than a year ago compared to a norm of 66%, 86% have increased their dividends or held them constant and 65% of companies have seen their share price outperform the market on the day results were released.
“2017-18 earnings growth are on track to come in around 9%, with resources earnings up 25% thanks to solid commodity prices and rising volumes and the rest of the market seeing profit growth of around 5%.”
Source: AMP Capital
