ASX 200 midday update: A2 Milk and Appen sink, Flight Centre rises

It has been a busy day on the ASX 200 on Thursday…
The post ASX 200 midday update: A2 Milk and Appen sink, Flight Centre rises appeared first on The Motley Fool Australia. –

At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) appears to have run out of steam and is tumbling lower. The benchmark index is currently down 0.5% to 7,496.2 points.

Here’s what is happening on the ASX 200 today:

A2 Milk disappoints again

The A2 Milk Company Ltd (ASX: A2M) share price is sinking on Thursday after it delivered a full year result at the very low end of its downgraded (four times) guidance range. The infant formula company reported a 30.3% decline in revenue to NZ$1.21 billion and a 77.6% fall in EBITDA to NZ$123 million. Management also ruled out a capital return after teasing one earlier this year and warned that FY 2022 would be challenging.

Appen sinks on half year results

The Appen Ltd (ASX: APX) share price is crashing lower after the release of its half year results. For the first half of FY 2021, Appen reported a 2% decline in revenue to US$196.6 million and a 14.3% fall in EBITDA to US$27.7 million. While the latter was a touch ahead of the US$27million analysts at Citi were expecting, the broker noted that its estimate was ~20% lower than consensus estimates. Not even news that the company is acquiring location data provider Quadrant has saved its shares.

Flight Centre higher despite loss

The Flight Centre Travel Group Ltd (ASX: FLT) share price is pushing higher today despite recording another large loss in FY 2021. For the 12 months ended 30 June, the travel agent reported a 74.2% decline in total transaction value (TTV) to $3,945 million and an underlying loss after tax of $364 million. However, management’s belief that it can reach profitability in FY 2022 appears to have boosted its shares.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Blackmores Limited (ASX: BKL) share price with an 8% gain. This follows the release of the health supplements company’s full year results. The worst performer has been the Appen share price with a 19% decline following its half year results release.

The post ASX 200 midday update: A2 Milk and Appen sink, Flight Centre rises appeared first on The Motley Fool Australia.

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More reading

Blackmores (ASX:BKL) share price edges lower despite profit surge
A2 Milk (ASX:A2M) share price crashes 10% on disappointing FY22 outlook
Appen (ASX:APX) share price tanks after 55% profit fall
Flight Centre (ASX:FLT) share price on watch after $364 million loss in FY21
A2 Milk (ASX:A2M) share price on watch after 79% profit decline and weak outlook

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Appen Ltd. The Motley Fool Australia owns shares of and has recommended Appen Ltd and Blackmores Limited. The Motley Fool Australia has recommended A2 Milk and Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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