Stocks of the Hour: Nufarm, Evolution Mining & Beacon Lighting

Company News

by Melissa Darmawan

Agricultural company Nufarm (ASX:NUF) reports a 20 per cent rise in revenue in their first half for FY21 while their EBITDA jumped 118 per cent compared to the same period a year ago. The company saw a rebound in their net profit after tax of $59 million. The crop protection company attributes its performance to strong volumes growth in all regions in particular, Europe and the Asia Pacific as easing of drought conditions in Australia and Indonesia plus channel restocking helped with their bounce back. Shares in Nufarm (ASX:NUF) are trading 3.3 per cent higher at $5.05.

Gold player Evolution Mining (ASX:EVN) has finalised the takeover of Battle North Gold for $366 million following the successful completion of a scheme of arrangement. The acquisition of the dual-listed company received the final tick of approval from the Supreme Court of British Columbia, following shareholders voting in favour of the deal. Battle North Gold is the developer and whole owner of the Bateman Gold Project in Canada which comprises of high-grade gold deposits. The mine’s production capacity has the potential to bolster gold production objectives targeted by the company. Shares in Evolution Mining (ASX:EVN) are trading flat at $5.19.

Beacon Lighting (ASX:BLX) predicts its net profit after tax to hit between $35.5- $37.5 million nearly doubling the $20.4 million underlying earnings results from last year. The positive trading momentum the company saw at the start of the year continued to the second half as current retail conditions proved to be supportive. The forecast growth in earnings comes from “careful management of expenses” driven by an increase in retail and online sales. Shares in Beacon Lighting Group (ASX:BLX) are trading 2.6 per cent higher at $2.00.

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