Today, the All Ordinaries (ASX: XAO) was trading 0.12% lower, with shares of Boral Limited (ASX:BLD), JB Hi-Fi Limited (ASX:JBH) and Flight Centre Travel Group Ltd (ASX:FLT) moving the Australian share market.
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Important All Ords Investor News At Lunchtime
1. Boral Limited
Boral is an international building products and construction materials business employing more than 25,000 employees and contractors, Boral’s operations span 850 building and construction materials operating and distribution sites globally.
Boral shares fell as much as 11% today following a dividend and trading update.
In particular, Boral provided an update on its North American Windows business saying lawyers and forensic accountants found that certain personnel within the division had, “manipulated accounts and financial statements primarily to artificially inflate the overall profitability and health of the Windows business.”
The findings showed that employees overstated accounts by $US24.4 million. In another update, Boral provided trading guidance for the first half of its 2020 financial year showing estimated EBITDA of $440 million.
“Boral’s first half results for FY2020 are broadly in line with our guidance but we have seen a challenging start to the second half of the year,” Boral CEO Mike Kane said.
2. JB Hi-Fi Limited
JB Hi-Fi is one of Australia’s largest device and home appliance retailers with its network of The Good Guys and JB Hi-Fi stores. JB Hi-Fi was established in 1974 by Mr. John Barbuto (JB), trading from a single store in East Keilor, Victoria.
Up more than 10% today, the Australian retailer released its 2020 half-year financial report showing revenue of $4 billion, up $151 million on the prior period. On the cash flow statement, JB’s operating cash flow was $284.5 million, up $4.2 million. Read more here: “JB Hi-Fi’s HY dividend update”
3. Flight Centre Travel Group Ltd
Flight Centre is one of the world’s largest travel agencies and has company-owned operations in more than 23 countries, while its corporate travel management network spans more than 90 countries. The Group employs more than 19,000 people and owns 2,800 businesses.
Flight Centre was amongst the fallers today, down 4% according to Google Finance. Ongoing concerns with the Coronavirus appear to be lingering.
The sell-off comes despite Flight Centre’s update last week, which pointed investors towards a half-year profit before tax of between $90 million and $110 million.
At the time the company noted, “Coronavirus affecting early 2H travel patterns, particularly in Asia – too early to judge full year impact but will make it more difficult to achieve 2020 fiscal year (FY20) guidance.”
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