Daily Roundup

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Playside Studios Announces CEO Transition

Playside Studios, Australia's largest video game developer and publisher, has announced an important leadership transition. Gerry Sakkas, who has served as CEO for the past 14 years, is transitioning to the newly created role of Creative Director. In this position, Gerry will be able to focus exclusively on spearheading the creative direction of Playside's major original IP projects, which are the largest and most exciting in the company's history.

Stepping into the CEO role is Benn Skender, who joined Playside as Chief Strategy Officer in September 2022. Benn has since worked closely with Gerry to set the company's medium-term direction and communicate with investors. The board is confident that this transition will enable Gerry to devote his full attention to providing creative leadership and overseeing the delivery of several major original IP projects, while also positioning Playside for continued success.

Soul Patts Reports Strong 1H25 Results

Washington H. Soul Pattinson & Company Ltd, the parent entity referred to as 'Soul Patts', has reported strong financial results for the first half of fiscal year 2025 (1H25). Statutory Net Profit After Tax (NPAT) increased by 8.1% to $326.9 million, while Regular NPAT, which excludes non-regular items, grew by 18.0% to $284.8 million. Net Cash Flow From Investments, a key performance indicator, increased by 8.2% to $289.5 million.

Soul Patts' diversified investment portfolio, including strategic, large-cap, private equity, credit, emerging companies, and property assets, all contributed to the robust performance. The company's Net Asset Value (pre-tax) grew to $12.1 billion, up 2.6% from the end of fiscal year 2024. Soul Patts remains well-positioned to navigate current market uncertainty with its strong liquidity position and low gearing, allowing it to continue seeking opportunities for long-term value creation.

Integrated Research Secures $9.8M Contract Renewal with JP Morgan Chase

Integrated Research Ltd (ASX:IRI) has announced a significant contract renewal with JP Morgan Chase, the largest bank in the US. The contract is valued at USD $6.23 million, or AUD $9.80 million, and is a binding 5-year agreement for IR's Transact and Infrastructure product. This long-standing 30-year relationship demonstrates the ongoing value of IR's technology for large enterprise clients like JP Morgan Chase.

Acting President Makes Interim Orders for Dropsuite Ltd

The Acting President of the Takeovers Panel has made interim orders in response to an application by Harvest Lane Asset Management Pty Ltd in relation to the affairs of Dropsuite Limited (ASX: DSE). The orders prevent Topline Capital Management LLC and Topline Capital Partners LP from selling shares or decreasing their voting power in Dropsuite until further notice, the determination of proceedings, or 2 months from the date of the interim orders.

Brickworks Reports Strong 1H25 Results

Brickworks Limited has reported a strong financial performance for the first half of fiscal year 2025, with a statutory NPAT of $21 million, up 141% on the prior corresponding period, and an underlying EBITDA of $148 million, up 472%. The company's diversified business model, including its Property Investments and major shareholding in Soul Patts, helped offset weaker conditions in its Building Products Australia and North America divisions.

The Property Investments division delivered a strong result, with EBITDA up 121% due to stabilised capitalisation rates. Brickworks' investment in Soul Patts also continued to perform well, with higher normal dividends received in the half. In the Building Products Australia division, EBIT was down 2% on the prior corresponding period, but the division maintained EBITDA margins despite subdued building activity across Australia. The Building Products North America division reported a 360% decline in EBIT, reflecting continued challenging conditions.

Brickworks remains focused on delivering sustainable dividends to shareholders, with a 25 cents per share interim fully franked dividend, up 4% on the prior corresponding period.