Daily Roundup

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Sequoia Establishes AFSL Governance Committee with Danielle Press as Chair

Sequoia Financial Group Ltd (ASX: SEQ) is taking a major step forward in enhancing its governance and compliance practices. The company has announced the establishment of a dedicated AFSL Governance Committee, which will provide premium oversight and reinforce governance excellence across Sequoia's three Australian Financial Services Licenses (AFSLs).

Sequoia has appointed Danielle Press, a seasoned financial services veteran with over 30 years of experience, as the Independent Chair of this new committee. Ms. Press' impressive resume includes a five-year stint as a Commissioner at the Australian Securities and Investments Commission (ASIC), giving her a unique perspective to support Sequoia's licensing businesses in meeting stakeholder, client, and regulator expectations.

Sequoia has also brought on Matthew Wilson, an independent consultant with over 30 years of experience in the financial services industry, to provide his expertise in investment strategy, stockbroking, financial advice, and product development. His role on the AFSL Governance Committee will be crucial in supporting the governance and oversight of each licensee's Approved Product List (APL).

This initiative demonstrates Sequoia's unwavering commitment to best-practice governance, which will enhance board-level visibility and accountability, strengthen risk management and compliance culture, and ensure consistency in governance in line with ASIC's expectations.

SKS Technologies Exceeds Profit Guidance for FY25

SKS Technologies Group Ltd (ASX:SKS) has delivered a stellar performance, exceeding its profit guidance for the 2025 financial year. The company expects to achieve an unaudited profit before tax of $20.8 million, a 15.6% increase over the $18 million guidance provided earlier.

Sales revenue for the year came in at $259.5 million, in line with the $260 million forecast. Importantly, SKS's profit before tax margin has increased from 7.2% to a healthy 8.0%. The company has also seen a significant improvement in its cash position, with cash on hand reaching $32.5 million, a tenfold increase from the previous year.

CEO Matthew Jinks attributed the company's success to the strategy implemented in FY22, which focused on targeting new markets with higher-margin projects while expanding capacity and expertise to execute them at an exceptional level. This approach has clearly paid off, with the company securing a record work on hand position of approximately $200 million and a pipeline of tendered work in excess of $500 million as it enters FY26.

Horizon Oil Completes Thailand Acquisition

Horizon Oil Limited has completed the acquisition of a 7.5% interest in the Sinphuhorm gas field and a 60% interest in the Nam Phong gas field, both located onshore Thailand. This strategic move represents Horizon's re-entry into Thailand, a Tier 1 oil and gas jurisdiction, and establishes a low-cost platform for growth in Southeast Asia.

The acquisition adds approximately 2,100 barrels of oil equivalent per day (boe/d) to Horizon's production base, along with 3.9 million barrels of oil equivalent (MMboe) in 2P reserves as of January 1, 2025. Importantly, the transaction was substantially debt-funded, allowing Horizon to maintain its distribution strategy with minimal impact on its existing cash reserves.

Horizon sees significant potential to enhance value through life extension, infill drilling, facility upgrades, and optimization at both the Sinphuhorm and Nam Phong fields. The company believes these assets will generate stable, high-margin operating cash flows, complementing its existing production base.

Resmed Announces Results for the Fourth Quarter of FY2025

Resmed Inc. (ASX:RMD) has reported strong financial and operational performance for the fourth quarter of its 2025 fiscal year. Revenue grew by 10% to $1.3 billion, driven by robust global demand for the company's sleep and breathing health devices, as well as its expanding digital health ecosystem.

The company's gross margin improved by 230 basis points to 60.8%, and non-GAAP gross margin increased by the same amount to 61.4%. This was primarily due to procurement, manufacturing, and logistics efficiencies, as well as favorable foreign currency movements. Income from operations grew by 19%, while non-GAAP income from operations also increased by 19%.

Resmed generated $539 million in operating cash flow during the quarter and announced the acquisition of VirtuOx, a leading independent diagnostic testing facility for sleep, respiratory, and cardiac conditions. This acquisition will help the company support patients earlier in their journey and deliver care in a more connected way.

Looking ahead, Resmed expects to continue investing in innovation, scaling its digital health capabilities, and partnering with patients, providers, payers, and policymakers to ensure more people around the world have access to the care they need.

Duratec Acquires 100% of EIG Australia

Duratec Limited (ASX:DUR) has acquired 100% of EIG Australia, an electrical infrastructure provider specializing in fuels and fluid transfer services, for up to $9 million. This strategic move supports Duratec's growth by expanding its end-to-end self-perform capabilities and enhancing its service offerings nationally.

EIG's expertise in fuels and fluid transfer services, including in-house consultancy and design capabilities, aligns with Duratec's broader strategy to enter critical national infrastructure markets, diversify revenue streams, and strengthen its position in high-barrier, high-value sectors such as Defence and Mining & Industrial.

The acquisition has been funded from Duratec's existing cash reserves and includes the retention of EIG's senior management team for a minimum of two years, as well as the novation of EIG's existing lease at the Canning Vale facility to Duratec for a period of two years. EIG has forecasted FY26 revenue of $14.0 million and an EBITDA of $2.3 million.