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Nick Scali Ltd Delivers Mixed FY25 Results

Nick Scali Limited, the furniture retailer, has reported its financial results for the year ended 30 June 2025. The group's statutory revenue increased by 5.8% to $495.3 million, driven by a full year of revenue contribution from the UK entity. However, the group's underlying net profit after tax decreased by 24.5% to $62.0 million, primarily due to one-off expenses, including restructuring costs in the UK and additional costs incurred from the failure of a freight forwarder in Australia and New Zealand.

The Australia and New Zealand Group ('ANZ Group') delivered an Underlying net profit after tax of $73.2 million, down 12.3% compared to FY24. Written sales orders were $459.9 million, up 2.8% compared to FY24, with stronger performance in the second half. Online sales continued to grow, up 21.8% to $42.4 million. The UK business, on the other hand, reported an Underlying net loss after tax of $11.2 million, impacted by store closures for refurbishment and clearance of old product ranges. However, the gross margin for the rebranded Nick Scali stores improved to 58% in May and June.

The group remains focused on its expansion, having completed the refurbishment and rebranding of 12 UK stores, with the remaining stores expected to be completed by the end of 1H FY26. The group declared a fully franked final dividend of 33 cents per share.

Looking ahead, the company expects sales revenue for the first quarter of FY26 to be up on the prior year, with five new stores confirmed for opening during the year. However, losses are expected to continue in the UK until the remaining stores are refurbished and individual store sales improve.

Fortescue Secures Landmark RMB 14.2 Billion Syndicated Term Loan

Fortescue Ltd has announced the successful syndication of a Renminbi-denominated (RMB) Syndicated Term Loan Facility of 14.2 billion (approximately US$2 billion) with participation from leading Chinese, Australian, and international lenders. This is the first RMB Syndicated Term Loan of its kind by an Australian corporate, reflecting the depth of Fortescue's long-standing relationships in China.

The proceeds will be used for general corporate purposes and to support Fortescue's ambitious decarbonisation agenda, including partnerships with Chinese suppliers and technology leaders. Fortescue's Executive Chairman, Dr Andrew Forrest AO, stated that this transaction is a signal of what is possible when partners are aligned in ambition, and that it strengthens Fortescue's long-standing partnerships with Chinese institutions and opens new frontiers for collaboration.

GQG Partners Reports Funds Under Management as at 31 July 2025

GQG Partners Inc. has provided an update on its Funds Under Management (FUM) as at 31 July 2025. The company reported total FUM of US$166.6 billion, down from US$172.4 billion as at 30 June 2025. This decrease was primarily due to net outflows of US$1.4 billion for the month of July, of which US$1.0 billion was attributable to a single institutional client.

Despite the net outflows, GQG's year-to-date net flows remained positive at US$6.7 billion. The company continues to position its portfolios defensively in an effort to reduce risk within client portfolios, as it sees areas of extreme valuation and frothiness, similar to the dotcom era. As a result, GQG has experienced underperformance across all strategies compared to their respective benchmarks year-to-date.

Neuren Adds SYNGAP1-Related Disorder to NNZ-2591 Pipeline

Neuren Pharmaceuticals has announced the addition of SYNGAP1-related disorder (SRD) to the pipeline for its drug candidate NNZ-2591, following positive results in a pre-clinical model. SRD is a rare genetic disorder caused by a variant on the SYNGAP1 gene, which is responsible for producing the SYNGAP1 protein. In an in-vitro model of SRD in human iPSC-derived neurons, treatment with NNZ-2591 reversed the neuronal dysfunction caused by SYNGAP1 haploinsufficiency.

Beonic Ltd Requests Trading Halt

Beonic Ltd has requested a trading halt in its securities, effective from the commencement of trading on Friday, 8 August 2025. The trading halt has been requested to assist Beonic in managing its disclosure obligations and to maintain an orderly market, in connection with a proposed capital raising via institutional and sophisticated investors.