Here are the headlines from the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) and Australian finance circles on Wednesday morning.
But first, here’s the data points:
Australian Dollar ($A) (AUDUSD): 74.25 US cents
Dow Jones (DJI): up 0.6%
Oil (WTI): $US74.05 per barrel
Gold: $US1,255 per ounce
Australian Investing News
Making finance news down under, National Veterinary Care Ltd (ASX: NVL) released an update on its forthcoming financial results for the year to 30 June 2018. With strong revenue growth, the veterinary business said it expects to report underlying revenue between $81.5 million and $82.3 million.
However, National Vet said tough trading conditions in the final two months of the financial year will hurt profit margins. The company’s EBITDA margin is expected to narrow from between 16% and 17% to between 15% and 16%.
“To ensure we are building a business able to scale up significantly, we have continued planned strategic investment in the business, focusing on system efficiencies and enhanced support office resources,” Managing Director Tomas Steenackers said.
Also in the headlines, shares of Corporate Travel Management Limited (ASX: CTD) entered a trading halt pending the announcement of an acquisition and capital raising.
In an ASX filing today, agricultural business Ruralco Holdings Ltd (ASX: RHL) revealed that it expects to report full-year underlying net profit between $26 million and $29 million, which is consistent with the mid-point of market forecasts.
“Ruralco’s ongoing delivery against its Future Farming Strategy continues to provide broad stability to the Company’s performance through geographical spread, activity diversification and differentiated channels to market,” Ruralco CEO Travis Dillon said. “Our focus in the fourth quarter will be on ensuring we continue to execute our strategy, drive business efficiency and support our customers through this challenging cycle.”
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