Stocks of the Hour: Bendigo Bank, Beach Energy & Lendlease

Company News

by Lauren Evans

Bendigo and Adelaide Bank (ASX:BEN) reports a statutory net profit of $524 million in FY21, up 172 per cent from the prior year. Cash earnings after tax reached $457.2 million, up 51.5 per cent from the prior year. The bank also gained 2.6 million new Australian customers over the year. Shares in Bendigo and Adelaide Bank (ASX:BEN) are trading 9.6 per cent lower at $10.04.

Beach Energy (ASX:BPT) announced an underlying net profit after tax (NPAT) of $363 million in FY21, down 21 per cent from the prior year following a decline in product sales volume and oil prices. A strong balance sheet was maintained on gas growth projects, with a net debt of $48 million. Shares in Beach Energy (ASX:BPT) are trading 9.1 per cent lower at $1.10.

Lendlease (ASX:LLC) records operating profit after tax of $377 million in FY21, up 83 per cent from the prior year despite Covid-19 impacts. The development and construction segments experienced delays, while its investment segment generated a return on invested capital of 5.9 per cent, just below the target range. Shares in Lendlease Group (ASX:LLC) are trading 7.2 per cent lower at $11.69.

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