Stocks of the Hour: Credit Clear, X2M Connect & Retail Food Group

Company News

by Lauren Evans

Credit Clear (ASX:CCR) has reported a record $3.03 million in revenue during May, and an operational profit of $23,000 thanks to strong growth in new and existing clients. The receivables management provider said this is a milestone that was reached two months ahead of its original forecast. Credit Clear noted that the prevailing economic conditions, with the cost of living running well ahead of wage growth, positions the company to continue delivering growth into FY23. Shares are trading 14.3 per cent higher at $0.40.

Tech company X2M Connect (ASX:X2M) has continued to build its Asia footprint after winning new contracts in China and South Korea valued at around $2 million. Chief executive Mohan Jesudason said, “we are thrilled with the growth that continues to be recorded by our Greater China business and we expect a portion of the revenue from this deal to add to our current year to date China revenues of $3.3 million, which is more than three times what we delivered in FY21.” Shares are trading 10 per cent higher at $0.10.

Retail Food Group (ASX:RFG) has continued to observe gradual improvement during the second half of FY22 as covid restrictions ease. The company said it's seen more domestic consumers come through, particularly amongst coffee shops in big shopping centres like Donut King and Gloria Jeans, however the numbers still remain below pre-pandemic levels. As a result, Retail Food Group anticipates FY22 underlying EBITDA of $21.4 million. Shares are trading 9.5 per cent higher at 4.6 cents.

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