The ASX 200 (ASX: XJO) is down over 1% so far today as more companies announce updates.
Australia continues its path towards lifting various lockdowns and this raises the prospect of a lot of the country returning to somewhat normal.
Here are some of the main headlines from today:
Altium (ASX: ALU) is facing a tough final quarter
The software business announced an update today stating that some smaller clients are now not paying for subscriptions as expected. May and June are important for Altium’s sales.
Altium currently has a cash balance of US$77 million. However, the US$200 million revenue goal for the year seems “a low probability” according to management.
It’s working hard to roll out its cloud offering of Altium 365, though it won’t be a large revenue boost.
In response to this update the Altium share price is down 3.6%.
Kogan.com (ASX: KGN) has a big April
In the month of April 2020, Kogan.com revealed it added 139,000 active customers during the month to reach 1.95 million people.
That growth and the restrictions in physical shopping saw Kogan.com’s gross sales grow by over 100%. Gross profit jumped by over 150% and ‘adjusted EBITDA‘ rose by more than 200%.
Kogan.com’s strong April performance has meant that financial year to date adjusted EBITDA to April 2020 is showing growth of over 40%.
The Kogan.com share price is up by 6.5%.
CSR (ASX: CSR) share price builds
The CSR share price is currently up around 9% after announcing its full year result to March 2020.
Net profit from continuing operations (before significant items) of $134.9 million was down from $181.7 million in the prior year. COVID-19 has had minimal impact on this result.
It said it has a strong balance sheet with net cash of $95 million, it also added a $200 million debt facility this month.
CSR is expecting impacts in FY21 and will not pay a FY20 final dividend.
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Disclosure: Jaz owns shares of Altium at the time of writing, but this could change at any time.
