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Nick Scali profits double to $84.2m


Nick Scali profits double to $84.2m
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Pre-tax profit $121.2m, up 101.5pc
Net profit $84.2m, up 11.2pc
Final dividend 25¢, v 22.5¢, payable October 25
Furniture retailer Nick Scali said it was well placed to deal with an uncertain retail outlook after doubling net profit to $84.2 million in the year ended June, beating the guidance issued only three months ago.
The result exceeded market consensus forecasts of around $80 million and was at least $4 million higher than the retailer’s May guidance of between $78 million and $80 million.
It was underpinned by a 42.1 per cent increase in revenue to $373.04 million, higher gross margins and well-controlled costs, and was achieved even after Nick Scali repaid $2.5 million in net JobKeeper subsidies received in the December half. ....

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ASX 200 LIVE: ASX to dip; Nick Scali profit soars 100pc, beats guidance


‘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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