Daily Roundup

ANG.ASX TYR.ASX EVN.ASX BVS.ASX IKE.ASX

A Busy Day in the Markets: Record Results, Restatements, and Oversubscribed Offerings

Austin Engineering has had a bit of a stumble, identifying accounting errors in its FY24 financial statements related to its Chile-based subsidiary. The company will need to restate its FY24 results, which will see revenue and EBIT come down. But the good news is that this will lead to a boost in FY25, with revenue and EBIT projected to increase by $8.3 million and $5.2 million respectively. Austin is taking steps to strengthen its processes and controls to prevent similar issues in the future.

Over at Tyro Payments, the company has received some unsolicited acquisition interest, but the offers so far haven't been at a level the board considers representative of Tyro's true value. Tyro will keep the market updated on any developments.

Now, on to the good news - Evolution Mining has absolutely knocked it out of the park! The company reported record financial and operational results for FY25, including a 119% jump in statutory net profit to $926.2 million and a 46% rise in underlying EBITDA to $2,206.8 million. Evolution also delivered record annual cash flows and achieved production records at several of its key sites. Looking ahead, the company is forecasting another strong year in FY26, with gold production expected to be between 710,000-780,000 ounces and copper production of 70,000-80,000 tonnes.

Bravura Solutions also had a great year, with revenue, EBITDA and underlying NPAT all increasing significantly. The company's EMEA and APAC segments delivered improved margins through revenue growth and cost management. Bravura is expecting to continue this positive momentum into FY26, with a focus on organic growth opportunities.

And lastly, ikeGPS Group has completed a share purchase plan that was strongly supported by its shareholders, raising a total of around A$8.27 million (NZ$9 million) - well above the initial A$2 million target. The company will use the funds to execute on its accelerated growth plans.

All in all, a mixed bag of news, but plenty of positive stories to highlight the resilience and strong performance of Australian companies in these uncertain times.