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Reporting season 2022: JB Hi-Fi profits fall, Bendigo tightens margins


Reporting season is underway with investors gaining a snapshot of how businesses are actually performing.

On another major day for reporting season, investors have gained an insight into how online retail is spurring on post lockdowns, if the booming car industry is helping listing sites and why another bank is facing margin pressures.

Here is what you need to know about the market today:

JB Hi-Fi

In a largely expected move, JB Hi-Fi announced that its profits have fallen since the COVID-19 highs.

With fewer consumers needing new furniture and equipment when working from home, the company's revenue slid 1.6% to $4.9 billion.

This left JB Hi-Fi with a $287.9 million net profit.

Falling profits will also have an impact on dividends, which have been slashed to $1.63 per share.

For the most part, JB Hi-Fi's results were in line with its quarterly update announced last month.

The company has also issued a capital return of up to $250 million to shareholders in the form of a buy-back.

According to Chairman Stephen Goddard, the JB Hi-Fi buy-back is expected to improve earnings per share and return on equity, resulting from a reduction in the shares on issue, which will benefit ongoing shareholders.

"The Buy-Back is expected to improve the efficiency of JB Hi-Fi's capital structure and is a demonstration of JB Hi-Fi's commitment to maximising returns to shareholders," his shareholder letter said.

Despite falling sales, investors responded positively to the share buy-back with JB up 2.24% at $50.15 when the market opened.


Surging used car sales has been a tail wind for online business

In its own words the business announced "excellent financial performance across its Australian and international portfolio".

carsales is reporting revenue increases of 30% to $282 million, with earnings before interest, taxes depreciation and amortisation increasing 15% to $149 million.

Group CEO of carsales Cameron McIntyre said the first half results reflect a diverse nature of the business, while highlighting the potential for growth in the future.

"We have seen very strong consumer engagement across our global network of sites, with traffic up 12% versus pre-pandemic levels," McIntyre said.

"This reflects the quality of our marketplaces, ongoing investment in product and customer experience, the accelerated migration to digital platforms and changing consumer trends."

Shares in carsales were up 6.3% to $23.10 on the opening bell.

Bendigo and Adelaide Bank

In what is quickly becoming another day, another bank facing net margin pressures, Bendigo and Adelaide Bank has followed its larger competitors with its latest announcement.

According to the Bank, its net interest margins (NIMs), the difference between what the bank pays for credit and what it can charge consumers, shrunk by 14 basis points.

This is largely due to increasing pressure for consumers, as well as rising interest rate swaps.

Despite the ongoing margin pressure, statutory net profits were up 14.7% while cash earnings rose 9.8% and total income lifted by 2.3%.

As such, the bank will pay an interim dividend per share of 26.5 cents.

Shares rose slightly on the opening at $9.29 per share.

Beach Energy

Spiking oil prices around the world have been a huge tailwind for Beach Energy.

According to its latest ASX announcement the company's net profits until 31 December surged 66% compared with the prior year.

At the same time, revenue jumped 10% while revenue margins grew 13%.

Beach Energy will pay a reported dividend of 1 cent per share.

Beach Energy's acting chief executive officer Morné Engelbrecht said that the last year had not been without its challenges but said he was proud of the way the Beach team showed resilience in its pursuit of the company's growth ambitions.

"The second half of FY22 remains a busy period with activity across the portfolio, and we are looking forward to the forthcoming Western Flank oil exploration campaign – in which any success would sit above our base case target," Engelbrecht said.

At the time of writing, Beach Energy shares were up 4.04% to $1.54.

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