3 stocks, including PolyNovo, impress shareholders with strong sales updates

Nick Sundich Nick Sundich, January 16, 2023

Several ASX companies released trading updates this morning and some of them left investors particularly impressed, specifically Tyro Payments (ASX:TYR), PolyNovo (ASX:PNV) and Super Retail Group (ASX:SUL).

 

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The good trading update from Tyro

Tyro Payments (ASX:TYR), a company that provides EFTPOS terminals, provided a trading update for its unaudited results for the first half of FY23 and gave updated guidance for the full year. In 1HY23 it recorded $21.7bn in transaction value, $216.6m in revenue and a $102.8m statutory gross profit – all of which were 35-45% higher than the year before. EBITDA was $19.5m, up 601% from 12 months earlier. 

For the full year, Tyro expects to record $37-$41m EBITDA (up from just $10.7m in FY22). It also reported that it is on track to achieve positive free cash flow during FY23. The shares rose more than 7% this morning.

 

PolyNovo sales jump to record level

Medtech company PolyNovo (ASX:PNV) also reported unaudited 1HY23 results, achieving $27.3m in sales, a figure that was up 68% from 12 months ago and a record for PolyNovo. $22.8m of this was achieved in the US, while the balance was from the rest of the world. Although non-US sales grew stronger because of the introduction of new markets, US sales still grew by 61%.

After PolyNovo’s massive rally since April 2022, the shares didn’t move too much on this morning’s news.

Lastly, retail conglomerate Super Retail Group (ASX:SUL) recorded ~$2bn in unaudited sales, along with a $212-$218m pre-tax profit. The shares jumped more than 8% this morning.

 

The bad trading update: Baby Bunting

Baby Bunting, meanwhile, has not been able to take a trick in recent months. Three months ago, shares fell 25% after a trading update where it reported margin pressure. This was not just because of rising costs, but also because of the company’s decision not to follow its competitors in discounting top selling items.

Today Baby Bunting revealed that its 1HY23 NPAT fell 59% from $12.5m to $5.1m. This occurred despite the company recording sales growth of 6.6% from $239.1m to $254.9m. Needless to say, the shares took another hit and fell by more than 11%.

 

Baby Bunting (ASX:BBN) share price chart (Graph: TradingView)

 

 

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