23 Feb SURPRISING RESULTS AMID AN EXECUTIVE EXODUS; SURPRISING RESULTS AMID AN EXECUTIVE EXODUS
SURPRISING RESULTS AMID AN EXECUTIVE EXODUS
While the market geared up for an important period of earnings announcements this week, many investor calls were overshadowed by the shock resignations of chief executives. It was somewhat difficult to keep across the details, but week four delivered some result surprises you may not have spotted.
WiseTech’s share price rocketed 11 per cent, up 53 per cent since November, to an all-time high. Domino’s Pizza Enterprises posted a nine per cent drop in net profit after tax on Wednesday, but the market had already punished the food franchise’s share price after it delivered weak preliminary first-half numbers in January.
Taylor Swift was unavailable, so Scentre Group cashed in on its partnership with well-known pop star Jessica Mauboy, who appeared live at its Westfield malls. The promotion saw the shopping centre manager lift customer visitation by a staggering 32 million, or nearly 7 per cent, in 2023.
Australia’s recent $200 million lottery draw was not enough to incentivise cash-strapped Australians to lift The Lottery Corporation out of its revenue slump. The company’s first half revenue dropped nearly two per cent, but positively, net profit rose 25 per cent.
After a busy week, the market now awaits the final stint of results announcements which will conclude on 1 March.
SURPRISING RESULTS AMID AN EXECUTIVE EXODUS
Following a slowdown in M&A activity in 2023, PWC believes we will see an increase in transactions over the next year, as the prospect of falling interest rates provides companies with confidence in pricing deals.
Research from the consultancy giant found that 59 per cent of Australian CEOs plan to execute a deal in the next three years, with more than a third hoping to make three or more acquisitions in the same period.
The past few weeks have already shown transactions are picking up with a proposed $9 billion buyout of the Altium by Japan’s Renesas Electronics, Seven Group’s move to take full control of Boral, and French building materials company Saint-Gobain’s $4.3 billion bid for CSR.
NOTHING BEATS OLD SCHOOL COMMUNICATION SKILLS
As employment growth starts to slow, prospective employees are searching for new ways to differentiate themselves from others and beat the artificial intelligence tools that filter their applications in a matter of seconds.
Thankfully, a recent survey of HR professionals published by the ABC revealed the top three skills or attributes they desire in an employee. Communications skills (38%) led the way, closely followed by teamwork ability (36%) and work ethic (36%).
In better news for employees, wages are set to rise as employers continue to experience recruitment challenges and retain their top talent.
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