Adairs surges on sales lift

Townsville Bulletin - - NEWS -

SHARES in Adairs have soared to a five- month high af­ter the manch­ester and home­wares re­tailer’s sales re­bounded to hit the top end of its fore­cast. Adairs says ad­justed sales were higher than ex­pected in the sec­ond half of the fi­nan­cial year at $ 140.4 mil­lion, up 8 per cent on the same pe­riod in the pre­vi­ous year. As a re­sult, the com­pany now ex­pects rev­enue to hit $ 264.9 mil­lion for the 12 months to June 30, at the up­per end of its guid­ance. Chief ex­ec­u­tive Mark Ro­nan said it was a pleas­ing re­sult in a sub­dued en­vi­ron­ment but the com­pany should not be com­pla­cent. “While we are pleased to see sales in the bed linen cat­e­gory im­prove, we con­tin­ued to see higher than usual sales vari­abil­ity,” he said in a state­ment. WAT­TLE Health Aus­tralia shares have soared af­ter the in­fant for­mula sup­plier ac­quired a stake in Aus­tralian in­fant for­mula maker Blend & Pack, help­ing to se­cure its busi­ness in China. Shares in Wat­tle Health gained 10.5c, or 22.1 per cent, to 58c, al­most triple their orig­i­nal price of 20c when the com­pany listed in March. Wat­tle Health has paid $ 5 mil­lion for a 5 per cent stake in Blend & Pack, one of eight in­fant for­mula man­u­fac­tur­ing plants in Aus­tralia li­censed by Chi­nese author­i­ties to pro­duce in­fant for­mula for China’s mar­ket. The com­pany will nom­i­nate the Wat­tle Health In­fant For­mula for ac­cred­i­ta­tion with the China Food and Drug Au­thor­ity un­der new reg­u­la­tory re­quire­ments from Jan­uary 2018. That would al­low Wat­tle to con­tinue to sup­ply China with its for­mula.

TAV­ERN TIME: An aerial view of the tav­ern de­vel­op­ment site ( high­lighted) at 2- 14 Vil­lage Dr, Idalia, ac­quired by Peak Equities for $ 1.4 mil­lion. IN­SET: An artist’s im­pres­sion of the orig­i­nal tav­ern planned for the site by the Hed­ley Group.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.