Reporting Season Round-Up: Medibank's cybercrime cost of $45m, Regis NPAT loss, and more

Qantas (ASX: QAN): Travel demand expected to remain strong

Reports half-year FY23:

• Revenue of $9.9bn vs. $3.1bn a year ago

• Underlying profit of $1.43bn vs. -$1.28bn loss a year ago

• Revenue beat expectations of $9.3bn but profit was a marginal miss

• Launches buyback of up to $500m from 13 March 2023

• "The first is travel demand, which remains very robust, particularly for leisure. While interest rates and inflation are expected to hit discretionary spending at some point, we’re yet to see any signs of that in our bookings. In fact, the research shows travel is one area that people want to prioritise over the next 12 months." - CEO Alan Joyce

Outlook:

• Group domestic capacity to increase from 94% to 103% in the second half

• Group international capacity to lift from 60% to 81%

• Fares expected to moderate as capacity increases but significantly higher than FY19 levels

Nine Entertainment (ASX: NEC): Growth to turn negative amid soft macro

Reports half-year FY23:

• Revenue of $1.4bn, up 5%

• Group EBITDA of $370.5m, down -9%

• Net profit of $190m, down -16%

• Dividend per share of 6 cents, down -14%

• Revenue is in-line with analyst expectations and EBITDA met preliminary results of $370m

Trading update and outlook:

• “Momentum has remained positive for Nine in calendar 2023 to date, against the backdrop of a softer general economic environment.”

• Metro FTA market is expected to decline in the mid teens (%) in Q3 - with the absence of the Federal Election being a key impact

• Across Total Television, Nine “expects its sales team will outperform the underlying market and gain share” but still an ad revenue decline of low-mid single digits (%)

• Stan is expected to grow in both revenue and EBITDA in FY23 

Nanosonics (ASX: NAN): Direct sales model paying dividends

Reports half-year FY23:

• “Favourable pricing across capital and consumables, increased total number of units placed and consumables volume growth all contributed to strong revenue growth and improvements in gross profit margin and operating profit.” - CEO Michael Kavanagh

• Revenue of $81.6m, up 35%

• Global installed base of 31,120, up 11%

• Operating expenses of $54.5m, up 28%

• Operating profit before tax of $11.4m vs. $3.3m a year ago

• Free cash flow of $6.1m with cash at bank of $99.3m

Outlook:

• FY23 target revenue growth of 36-41%

• Gross profit margin upgraded to 77-79% (from 75-76%) 

• Operating expenses higher at 22-27% (from 15-18%) 

Medibank (ASX:MPL): cybercrime costs of $45m, 6.3c dividend

Reports first-half FY23:

• Underlying NPAT of $226.7m vs. expectations of $230m

• Revenue of $3.63bn vs. expectations of $3.7bn

• EBIT of $307.8m beats expectations of $296m

• Interim dividend of 6.3cps payable March 22nd

Outlook and guidance:

• Cybercrime costs expected to be no higher than $45m

• FY23 management costs of $560m

• "Expects resident policyholder growth of approximately 0.5-0.75% assuming recent trends continue and a modest decline in industry growth rate in FY23 relative to FY22"

• "Continues to assess claims activity and any permanent net claims savings due to COVID-19 will be given back to customers through additional support in the future"

29Metals (ASX: 29M): Posts 1HFY23 loss double expectations

Reports first-half FY23:

• NPAT of -$47.2m vs. expectations of -$11.5m

• Revenue of $720m in line with expectations

• Adjusted EBITDA of $151.6m vs. expectations of $147.5m

Outlook and guidance:

• D&A between $155m-$190m

• Mine properties: $80m-$100m

• PPE $40m-$50m

• AASB16 Leases $35m-$40m

• No tax payable

IDP Education (ASX: IEL): Revenue and EBITDA miss but 21c dividend (25% franked)

Reports first-half FY23:

• Adjusted net income of $84.4m vs expectations of $85.9m

• Revenue miss at $501.8m vs. expectations of $509.5m

• Adjusted EBITDA miss at $123.2m vs. expectations of $150m

• Interim dividend of 21cps (25% franked) payable March 31st

• Student placement segment most cash-generating division in 1HFY22 ($147.2m vs. $87.3m YoY)

• English language testing next most cash-generating ($136.6m vs. $108.2m YoY)

Regis Resources (ASX: RRL): gold production up but statutory NPAT loss

Reports first-half FY23:

• Statutory NPAT of -$30m vs. $26m in 1HFY22

• Gold sales of $536m up 10% vs. 1HFY22 ($489m)

• Adjusted EBITDA of $197m beats expectations of $165m

• No dividend

Outlook and guidance:

• Full year FY23 production of between 450k and 500k ounces of gold

• All In Sustaining Cost of $1,525-$1,625

Cleanaway (ASX: CWY): EBITDA and NPAT miss

Reports first-half FY23:

• Underlying EBITDA of $322.2m vs expectations of $326.5m

• NPAT of $49m vs. consensus of $76.1m

• NPAT down 7% on 1HFY22 ($49m / $52.2m)

• Revenue of $1.78bn beats consensus of $1.52bn

• Interim dividend of 2.45c (unfranked, flat YoY) payable 6 April

Outlook and guidance:

• Underlying EBITDA of $670m

• EBIT of $300m

• Depreciation and amortisation $370m

• Higher earnings in full year FY23 over FY22

Fleetwood (ASX: FWD): Posts loss for second first-half

Reports first-half FY23:

• Underlying NPAT -$0.8m vs. -$2.2m in 1HFY22

• Revenue of $223m vs. $209.2m in 1HFY22 (+7%)

• EBITDA of $0.2m vs, -$1.5m in 1HFY22

Outlook and guidance:

• "Positioning to supply to lifestyle villages, affordable housing and defence sectors"

• "Increased integration across the business is improving utilisation"

• "Acceptance of modular construction as a...solution continues to grow"