Finance

All Ords (ASX:XAO) today: what’s happening in Australia

Today, the All Ordinaries (ASX: XAO) was trading 0.49% higher, with shares of Blackmores Limited (ASX:BKL), Idp Education Ltd (ASX:IEL) and Carsales.Com Ltd (ASX:CAR) moving the Australian share market.

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Important Investor News At Lunchtime

1. Blackmores Limited – down 14%

This morning, Blackmores’ ASX shares came out of their trading halt with a profit guidance update which sent the shares down 17%.

In the statement, Blackmores downgraded its full-year profit expectations following challenges with the Coronavirus combined with pressure from a transition to manufacturing. In all, Blackmores expects at least two to three months of supply and sales challenges on account of the Coronavirus. Read more: Why Blackmores shares fell 17%

2. Idp Education Ltd

IDP Education is a diversified online education business, specialising in the IELTS exams which are popular with international students.

Topping the charts today with a 27% share price increase, IDP Education reported its first-half financial results showing $379 million in revenue, an increase of 25% over the corresponding period from 2019. EBIT, otherwise known as operating profit, came in at $87 million — up 49%.

“Our organisation has pivoted to focus deeply on the experience of our customers, which is delivering strong returns across all business lines, “ CEO Andrew Barkla said.

“Importantly, our global platform is exceeding our expectations in terms of pipeline growth and conversion.”

3. Carsales.Com Ltd

Carsales was founded in 1997, it’s the largest automotive, motorcycle and marine classifieds business in Australia. It is headquartered in Melbourne and employs more than 1,200 people around the world.

This morning Carsales released its half-year report with revenue coming in at $214 million, up 5%, and an adjusted Net Profit After Tax (NPAT) of $63 million, up 7%. Pleasingly for shareholders, Carsales declared an interim dividend of 22 cents per share, up 7%.

“It’s pleasing to deliver another record half year result despite the impact of a challenging domestic new car market here in Australia,” CEO Cameron Mcintrye said.

“Our performance demonstrates the benefit of the diversification we have in our Australian business and the growing significance of our International portfolio.”

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