The iron ore miners led Thursday’s losses; South32 reports $US195m loss; Newcrest doubles dividend; Auckland Airport reports first underlying loss in history. Follow the latest here.
‘Get ready for more growth’ Pinnacle boss targets acquisitions
Tom Richardson
Pinnacle Investments founder Ian Macoun isn’t settling for a record-breaking year for the Sydney-based group and wants an acquisition to propel it into the big league of listed ASX businesses.
On Wednesday the investment group unveiled a record full-year net profit after tax up 108 per cent to $67 million, with its affiliates’ funds under management (FUM) up 52 per cent to $89.4 billion.
In response to the result, the shares jumped 8.4 per cent to a record high $14.78, as Pinnacle eyes a possible entry into the elite S&P/ASX 100 index.
Ian Macoun’s Pinnacle has delivered a five-year compound net profit growth rate of 63pc.
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Slyp, a fintech start-up in the unique position of being backed by all four major Australian banks, has signed a deal with one of Australiaâs largest pharmacy chains, Chemist Warehouse, to move to digital receipts.
The company claims to have âcompletely reimaginedâ the receipt by making it electronic, with features such as warranty and return reminders, ratings, rewards and product recall alerts. It now only works in the National Australia Bankâs banking app or via SMS.
Co-founder and CEO of Slyp Paul Weingarth is signing up big retailers such as Chemist Warehouse to start using digital receipts. Â
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Cbus Property has sold the last apartment in its 184-unit Collins Arch mixed-use development and with Melbourne picking up, the developer is now looking to restock its pipeline.
The $1.3 million sale in May, as the city came out of its latest COVID-19 lockdown, of the two-bedroom apartment 3101 took gross residential realisation of the $1.25 billion Collins Street flagship development to $350 million.
Cbus Property CEO Adrian Pozzo in the level 39 garden on the skybridge connecting the two 447 Collins Street towers.
Tash Sorensen
The “hugely ambitious” twin-tower project has five floors of 40 premium apartments – typically 140sqm in size – in its west tower, which carries the 439 Collins Street address and the rest, ranging from 60sq m to 130sq m in its eastern tower, which goes by 433 Collins Street.