Search by ticker code:
Generic filters

Search by ticker code:
Generic filters

Search by ticker code:
Generic filters

HY21 report: Douugh (ASX:DOU) share price on watch

Shares in digital wellness company Douugh Ltd (ASX: DOU) traded flat today after the company announced it had signed a share sale agreement with Goodments, which will accelerate the launch of its Wealth Jars offering.

The Douugh share price will be on watch on Monday as the company also released its half-yearly accounts after the market closed today.

Goodments acquisition

In early January, Douugh announced it had signed a binding term sheet to acquire millennial investing fintech Goodments in an all scrip deal. Douugh revealed today that the acquisition has entered the final stages of completion after a binding share sale agreement was signed.

The Goodments acquisition will fast-track the launch of the Douugh Wealth offering and will allow its customers to invest in custom-built portfolios and fractionalised single stocks.

Goodments, which currently operates in Australia, has more than 13,000 customers and manages various ETFs and other fractionalised stocks that trade on US markets.

In Australia, Goodments will be consolidated into the Douugh platform once the financial wellness app is launched.

Commenting on the acquisition, Douugh CEO Andy Taylor said: “We’re excited about the opportunity Goodments presents to accelerate the delivery of our Wealth Jars offering, as well as generating revenue as a standalone product in the Australian market in the short-term, prior to the launch of the Douugh platform.”

Douugh’s half-year results

For the half-year ended 31 December 2020, Douugh reported maiden revenue of $1,290. It also generated $269,855 in other income, primarily comprising COVID-related government payments ($167k) and a government R&D grant ($92k).

Net loss for the half was reported as $5.4 million, which included a large corporate restructuring cost of just over $3 million.

Cash and cash equivalents were $16 million at the end of the period, which was boosted by the issuance of shares to the tune of $18 million.

Net cash used from operating activities was $773,021.

Summary

I think the Goodments acquisition makes sense, as offering a bank account in a low-interest rate environment might struggle to win over customers. Allowing its customers to generate higher returns could be a step in the right direction.

$50,000 per year in passive income from shares? Yes, please!

With interest rates UP, now could be one of the best times to start earning passive income from a portfolio. Imagine earning 4%, 5% — or more — in dividend passive income from the best shares, LICs, or ETFs… it’s like magic.

So how do the best investors do it?

Chief Investment Officer Owen Rask has just released his brand new passive income report. Owen has outlined 10 of his favourite ETFs and shares to watch, his rules for passive income investing, why he would buy ETFs before LICs and more.

You can INSTANTLY access Owen’s report for FREE by CLICKING HERE NOW and creating a 100% FREE Rask Account.

(Psst. By creating a free Rask account, you’ll also get access to 15+ online courses, 1,000+ podcasts, invites to events, a weekly value investing newsletter and more!)

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian owned.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.
Skip to content