1HY23 reporting season is looking very solid for some stocks, but not all

Nick Sundich Nick Sundich, January 17, 2023

Reporting season for 1HY23 does not begin until February, but that hasn’t stopped a handful of companies from releasing unaudited results. And shareholders have responded well to these companies.

 

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It’s set to be a good reporting season for JB Hi-Fi and Data#3

JB Hi-Fi (ASX:JBH) told holders it made $5.3bn in sales (up 8.6%), $479.2m in EBIT (up 14%) and a $329.9m NPAT (up 15%).

Driving this result was strong consumer demand in recent months, including during the Black Friday and Boxing Day promotional periods. Statutory results will be released on February 13. 

 

JB Hi-Fi (ASX:JBH) share price chart (Graph: TradingView)

 

Data#3 profit at the top of guidance range

Also telling shareholders to look forward to reporting season was IT services provider Data#3 (ASX:DTL).

It told investors it expected its pre-tax profit to be near the top end of the $21-$25m guidance it had issued at its AGM in October. Although the company’s supply chain issues had not been resolved, an increased volume of business was enough to make up for this.  The share initially jumped more than 8% in morning trading before retreating somewhat.

 

HUB24 disappointed

Investment platform HUB24 (ASX:HUB) also issued an update to shareholders in advance of reporting season. It expects net inflows for 1HY23 to be $5.8bn, down 13.6% on the prior corresponding period. This was despite the company maintaining second place among its peers for net annual inflows.

Total Funds Under Administration (FUA) painted a mixed picture. FUA on the platform was $55.8bn, up 11.7%, but Portfolio, Administration and Reporting Services (PARS) amounted to $17.2bn, down 6.3% due to negative market movement. The company claims to have the fastest growth rate as a percentage of FUA based on annual net inflows, although it only has a 5.7% market share. 

Investors didn’t like HUB24’s update and the shares traded down 5%.

 

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