Markets Live, Wednesday 7 October, 2020

Markets Live, Wednesday 7 October, 2020

The company said on Wednesday that meeting the bent-up demand created during the lock-in period may have contributed to a significant rate of recent growth.

“In addition, the increased trend for local tourism in many countries has been helpful, with government support providing cost incentives for people and businesses,” it told shareholders.

ARB’s pre-tax profit for the September quarter was based on preliminary, unaudited management accounts. 29.7 million. This excludes $ 9.7 million in government benefits.

The company qualified for the jobkeeper grant after sales fell in March and April. Government support helped reduce the full-year profit to $ 57.1 million and maintain its final dividend at 21 cents a share.

ARB said it had outperformed export markets in the September quarter, while domestic Australian sales growth was moderate, with original equipment manufacturer (OEM) sales slowing compared to the same period last year.

“The extended locking in Melbourne had a negative impact on local sales during the quarter,” the company said.

“The level of pending orders is high and work is being done to increase productivity to overcome logistics issues and reduce order banking and better service customers.”

While the company’s short-term to medium-term outlook has been positive, it has again blocked guidance.

“Furthermore, the ARB Board does not believe that the company’s first-quarter performance should be used as an indicator of the end of the full year, which is unpredictably uncertain.”

Shares of the company rose nearly 7 percent to a new record high of $ 31.46 on Wednesday morning. The company added more than 60 percent of its share price in 2020, down 10.9 percent to the broader ASX 200.

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Cory Weinberg

About the Author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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