The ASX 200 (ASX: XJO) is down 1.2% today as reporting season enters its final stages.
Zip Co Ltd (ASX: Z1P)
The deal will give 40,000 small and medium Australian businesses access to working capital through the eBay marketplace.
Zip said the idea is to give merchants the freedom to purchase inventory, cover short term expenses like marketing campaigns and manage cashflow through this credit. The Spotcap brand will be brought into the Zip Business portfolio.
The buy now, pay later (BNPL) business said this partnership is the first of a number of integrated products Zip will roll out with the launch of Zip Business to support both small & medium businesses and its retail & channel partnerships.
Zip also announced that it has agreed a $100 million debt funding facility with a US business called Victory Park Capital Advisors (VPC) to fund the Zip Business receivables.
The Zip share price is up 20.5%.
Dependable APA Group (ASX: APA) result
APA reported that its total revenue rose by 4.8% to $2.13 billion in FY20. FY20 was the first full year of contributions from new growth assets in Queensland and Western Australia.
In September 2019 a new asset was commissioned, the Badgingarra Solar Farm in Western Australia.
APA’s EBITDA (click here to learn what EBITDA means) went up 5.1% to $1.65 billion thanks to the revenue growth.
Operating cashflow grew by 8.3% to $1.1 billion and net profit after tax (NPAT) rose by 10.1% to $317.1 million.
APA Group had already announced that the final distribution was 27 cents, bringing the full year FY20 distribution to 50 cents – an increase of 6.4%.
APA said that FY21 EBITDA is expected to be between $1.625 billion to $1.665 billion, this suggests that operating profit will essentially be flat. Only around $10 million of EBITDA is expected to be contributed from the Orbost Gas Processing Plant in FY21 under the existing plan.
The APA share price is down 5%.
Australian Ethical Investment Limited (ASX: AEF)
Australian Ethical reported its FY20 result today.
Australian Ethical reported that its revenue rose by 22% to $49.9 million. This was helped by total funds under management increasing by 19% to $4.05 billion. Net inflows doubled for the year to $660 million and customer numbers increased by 20%.
Underlying profit after tax (UPAT) went up by 42% to $9.3 million and statutory profit grew by 46% to $9.5 million.
The board declared a final dividend of 2.5 cents, plus a 1 cent per share special dividend for its performance fee. That brings the total dividend to 6 cents per share, up 20%.
There have been plenty of other reports released today which the team at Rask Media have covered.
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