Stocks of the moment: GrainCorp, Pushpay & Magellan Financial


Global demand for Australian commodities and favorable growing conditions prompted GrainCorp (ASX:GNC) to report record half year results for the six months ended March 31st. Profit after tax increased to $246 million from $51 million last year, while maintaining FY22 profit guidance of $310-$370 million. Graincorp said the conflict in Ukraine prompted buyers to seek alternative sources of supply, while recent weather events also provided excellent planting conditions. An interim dividend of 24 cents per share will be paid on July 21. Shares are trading 2.3 percent lower at $10.32.

Pushpay (ASX:PPH) for the full year ended March 31, delivered a 7 percent increase in after-tax income while not declaring a dividend. Pushpay said its priorities have been impacted by a change in software buying behavior and the consolidation of churches, as well as disruptions from Covid-19 and a competitive job market. Revenue rose 12 percent year-over-year, while the company expects fiscal 23 to post double-digit revenue growth of between 10 percent and 15 percent. Shares are trading 1.7 percent lower at $1.17

Meanwhile, David George of Magellan Financials has been named. (ASX:MFG) new Chief Executive Officer and Managing Director and will take office on August 8th. For the past 14 years, David has been Deputy Chief Investment Officer for Public Markets at the Future Fund. Kirsten Morton will become Magellan’s Chief Operating Officer and Chief Financial Officer after assuming the CEO role during the interim global search. Shares are trading 3.5 percent higher at $16.42.


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