Stocks of the Hour: Genex Power, Terracom, Flight Centre Travel

Queensland renewable energy developer Genex Power (ASX:GNX) has received a conditional, non-binding, bid from Atlassian billionaire Scott Farquhar, Mr Farquhar’s investment fund Skip is headed up by the tech executive’s wife Kim Jackson, and now owns a 19.99 per cent stake in Genex. The deal is subject to a number of approvals, including from the Foreign Investment Review Board. Shares in Genex are trading 46.3 per cent higher at $0.20.

Terracom’s (ASX:TER) June quarterly report is out with Managing Director, Danny McCarthy saying, “TerraCom achieved an outstanding result for the June Quarter with a combined operating EBITD1 result of $224 million from the Australian and South African operations. The June Quarter combined operating EBITDA surpasses the previous quarter by 250% and sets a new all-time record for the Company underpinned by solid operational performance across the Group and the continuation of exceptional export coal prices and demand. Following the repayment of the Euroclear Bond, the Company’s balance sheet is in great shape and our forecast cash flows look very strong” The company is expecting to pay a 10 cent unfranked dividend in September. Shares are trading 0.6 per cent higher at $0.80.

Flight Centre Travel Group (ASX:FLT) today amended its 2022 (FY22) market guidance following a solid rebound in travel demand globally late in the year. Based on preliminary FY22 trading results, FLT now expects to record an underlying EBITDA* loss between $180million and $190million for the 12 months to June 30, 2022. “After an incredibly challenging period, we were pleased to achieve our goal of returning to monthly underlying EBITDA profitability in both the corporate and leisure sectors late in the year,” FLT managing director Graham Turner said. “The scale of our recovery exceeded our initial expectations and meant that we should now exceed our preliminary FY22 result target, with early trading results pointing to a breakeven second half result and a healthy fourth quarter profit (underlying EBITDA). Shares are trading 5.6 per cent higher at $18.06.
 
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Source: Finance News Network