Latest news with #financialyear
Auto Car
3 days ago
- Automotive
- Auto Car
JLR's profit margins more than halved in spring as US import tariffs took their toll
JLR hiked Range Rover prices in the US to offset impact of import tariffs Close Jaguar Land Rover saw its profits knocked back by half in the three months ending June as tariffs, warranty costs and a weak dollar took their toll. The Tata Motors-owned company posted profits before tax of £351 million for the first quarter in its financial year, which runs from April to March. Its profit margin fell to 4.0%, down more than half from 8.9% from the same quarter a year before.
Yahoo
4 days ago
- Business
- Yahoo
Why market reaction to Coke bottlers' numbers was a surprise
Europe's two major Coke bottlers saw their share prices sour yesterday (6 August) but the market reaction was overplayed. Coca-Cola HBC's half-year figures were in positive territory across the board. The group booked 9.9% organic and 8.6% reported growth in net sales revenue, which reached €5.6bn. Total volumes grew 2.6% in both organic and reported terms, to 1.46bn unit cases. Reported operating profit was also up 13.9% at €644.6m, while net profit grew 23.3% on 2024 to €474.7m. Meanwhile, CCEP's total first-half and second quarter figures were also in the green. Revenue was up 4.5% on a reported and comparable basis to €10.3bn. Reported operating profit grew 19.4$ and 7.3% in comparable terms, to €1.4bn. Comparable profit after taxes increased 2.9% and 15.5% on a reported basis, at €937m. Reported and comparable group volumes increased 4.1% and 5.5% to 1.9bn unit cases. However, in Europe, CCEP's volumes did decline slightly in the period by 0.3% in comparable terms and 1.9% on a reported basis to 1.2bn unit cases. Volumes in South East Asia were also relatively flat a softer consumer environment caused a decline in Indonesia. Much investor disappointment over the past 24 hours has focused on the changes of guidance made by Coca Cola HBC and CCEP for the rest of their financial years. Coca-Cola HBC reiterated its guidance for 2025 but now expects to hit the 'top-end' of its guided ranges for organic revenue growth of 6% to 8%, and organic EBIT growth of 7% to 11%. The group's narrowing to the top-end of the guidance range isn't really bad news, but, as Bernstein's Nadine Sarwat put in a note to clients, today: 'The market (and also sell-side per consensus) was expecting a raise.' Investors had anticipated better. Coca Cola HBC's comparable operating profit was also 'incredibly uneven', she noted, as its emerging markets were the only part of the business to see a significant boost in operating profit at 31%. The company's Established and Developing markets division both dipped in organic EBIT, by 7.2% and 0.6%. At CCEP, the company had previously forecast a 4% increase in revenue for 2025 but tweaked that slightly to an increase of '3% to 4%'. Barclays analyst Lauren Lieberman said the market response was also 'driven by a European volume recovery that came in shy of expectations, which admittedly seemed to creep up over the summer'. Market reaction, however, has not deterred analysts' confidence in either company. According to Sarwat, the market response to Coca-Cola HBC was 'overdone'. She added: 'The market this consumer season has been volatile (to say the least), and in many cases unforgiving on relatively small disappointments." Sarwat, meanwhile, said CCEP had faced 'high expectations' ahead of the release of its results, amid the 'backdrop' of the group being protected from major threats other drinks companies are facing, like US tariffs or vulnerability 'to the uncertain US or China consumer'. Delving deeper into CCEP's second quarter equally doesn't show much reason to panic. In the three-month period, despite seeing a low single-digit dip in sales in South East Asia, linked to Indonesia, the group still saw total reported revenue grow 4.1%. As Sarwat noted: 'The Q2 print itself was solid." Bernstein still expects CCEP to achieve its growth targets but Sarwat did add the bank did not expect the bottler to achieve revenue growth of beyond 4% this year. Reflecting on CCEP's performance, Lieberman said the results wouldn't do much to 'yield a drastic change' in Barclays' expectations for the group's profit or free cash flow in 2025. She added: 'We remain comfortable with the outlook (inclusive of an acceleration in European volumes from here) and continue to like CCEP for its attractive fundamental story in 2025+ and view it as a compelling core holding within broader staples.' Overall, both CCEP and Coca-Cola HBC remain solid performers and, perhaps, the companies' recent strong showings had led some investors tp set their expectations for the rest of the year too high. "Why market reaction to Coke bottlers' numbers was a surprise" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
RNZ News
03-08-2025
- Business
- RNZ News
KiwiSaver shakeup sees billions shifted from big banks to boutique operators
Photo: 123RF KiwiSaver members are quitting big bank providers and shifting their investments to independent and boutique operators. Data for the most recent financial year, compiled from documents filed on the Disclose register, shows that Milford Asset Management was the biggest winner, with almost $1.5 billion of net funds transferred in. In total, there is about $120b invested in KiwiSaver. Generate was second, Simplicity third and Kernel fourth. At the other end of the table, ANZ lost a net $728.7 million in transfers, ASB $476.6m and Westpac $353.2m. ANZ still has the largest market share, at 17.5 percent, followed by ASB with 14.7 percent. In 2015, ANZ had almost a quarter of the market, but since then it has suffered through a period of poor performance . In Morningstar's March survey, ANZ's conservative fund was bottom of the pack over 10 years, balanced was 15th out of 16, and its growth funds were 11th and 14th out of 14. ANZ said the market was "extremely competitive". "Across the industry, a total of 163,000 KiwiSaver members transferred providers in the year to March 2025, up 22 percent. "ANZ continues to focus on helping New Zealanders feel more confident and in control of their KiwiSaver investment. "That means supporting better conversations, especially through our banking channels. We're also proactively checking in and communicating with members, not just waiting for them to come to us. "We're continuing to invest in intuitive tools and digital experiences, such as our Fund Chooser Tool and government Contribution Tracker, to make managing KiwiSaver simpler for customers. "Additionally, we've refreshed our investment beliefs and continued to reduce fees across several of our funds, benefiting our members and reinforcing our commitment to delivering strong, long-term value." Greg Bunkall, data director at Morningstar, said Milford and Generate were the only providers with more than $1b in net inflows in the year. "Those two providers also feature heavily in the top of the league tables regularly. As a provider, you need to have strong brand awareness, marketing, and lead generation functions - but the performance would help. "If you talk to some of the KiwiSaver providers that do well and receive earned media, they will typically see larger than normal switches in days that follow - so that would at least anecdotally support at least some degree of performance chasing in the KiwiSaver cohort." KiwiWrap topped the table on a measure of the number of dollars in versus the number out, followed by Kernel. Kernel had the biggest percentage growth in funds under management. Milford head of KiwiSaver Murray Harris said its long-term returns were helping to draw customers in. Morningstar reports showed Milford among the top performers over three, five and 10-year periods. He said there tended to be more interest in provider switching in the middle of the year, when people were encouraged to check their funds and ensure they had contributed enough to get the full government contribution. "Members are quite focused on their KiwISaver and get a reminder to look at it. We often see a boost this time of year." He said KiwiSaver balances had become more significant for many members, and it made sense that they were looking at what options were available to them. People considering switching should compare long-term returns, he said, not just the most recent quarter or year. "We've seen some very specialist funds do very well, gold and crypto are doing well at the moment… don't just look at the short-term returns but the long-term. "How consistent are they at providing those market-leading returns throughout time? Five and ten years would be the minimum. These are very long-term investments, so the longer the track record you look at, the better." People were more likely to move when markets were performing well, he said. "We've had strong market returns almost every day since the wobble in April, that makes people more confident to transfer. When markets are not doing well, they tend not to transfer because they think they'll crystallise the loss with one provider." But as long as people were moving to a similar fund type, they would not be in a worse position for shifting providers. "You might do better if you recover the fall in value driven by the market sooner." Kernel founder Dean Anderson said people were becoming more engaged and realising that KiwiSaver wasn't just a bank product. "Now that education and awareness is growing, people realise there are better solutions out there." But compared to the number of people who switched for a better deal on their power or phone, he said, switching activity was still very low. "I think we should expect to see that increase. As balances get bigger, people think, 'Am I better off elsewhere? Are there better fees, better service, better values that align with mine?" The growth of smaller, newer providers showed people had confidence in the scheme, he said. "There's confidence that these players are good, stable, growing businesses. You don't have to be with the bank." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Yahoo
01-08-2025
- Business
- Yahoo
Centrelink's payment warning as millions lodge their tax returns
The new financial year heralds a time when millions of people get to submit their tax returns to the Australian Taxation Office (ATO). However, this is also a time when some Centrelink recipients could see their payments change. Adjustments to payment summaries after July 1 aren't uncommon and can be due to a range of factors. Services Australia general manager Hank Jongen told Yahoo Finance this happened recently to a student receiving Youth Allowance who moved house in late June. "Obviously, they needed to tell us about their changed address, but among the big move and new arrangements, and working part-time, the new financial year had clicked over before they notified us of their new circumstances," he said. RELATED Centrelink issues ATO tax refund warning: 'Repay it' St George Bank increases fee to deposit or withdraw cash by 200 per cent Gen Z with $100,000 in savings reveals 'common' money traps Aussies waste cash on Sadly for this student, they lodged their tax return almost immediately after July 1, which contained the wrong information. Because their circumstances had changed before the end of the financial year, this needed to be reflected in their tax return for 2024-25. Changes in living arrangements can affect how much Youth Allowance you receive, which can affect how the ATO assesses your Centrelink payment summaries may change after July 1 Services Australia said that student is just one example of how your payment summaries could change soon after the start of a new financial year. The government body stressed this is why you have to make sure you stay up-to-date with any changes in your life. "If you don't tell us, we may pay you too much. This means you may get a debt and you'll need to pay us back," Centrelink said. These changes include whether you become single, get into a relationship, have a child, change address, get a job, lose a job, or anything else that's unexpected. There are also certain payments that need to be updated each financial year, and can take a few days or weeks to be changed in the system. This is why you should wait a few weeks after July 1 to lodge your tax return as the Centrelink system needs time to make sure all your information is correct. What should I do if my payment summary has changed? If your payment summary has changed, you'll receive a letter in the mail explaining what has been adjusted. Centrelink said there are two options at your disposal, but it will depend on whether you have lodged your tax return or not. If you have already lodged it, then you will need to amend it to make sure the ATO has all the correct information. "Before you amend your tax return, check the new change pre-filled in the ATO's tax return match the letter from us," Services Australia said. If you haven't lodged, then your pre-filled information on your tax return should be updated. But, when you go to lodge make sure you check that information with what was described on the Centrelink letter to make sure they're aligned. If they don't you can: Change it yourself to match the details in the letter and then lodge it Contact the ATO through their websiteError in retrieving data Sign in to access your portfolio Error in retrieving data
Yahoo
21-07-2025
- Business
- Yahoo
Centrelink's warning for thousands over cash boost set to be delivered in weeks
For those of you who don't celebrate it, the new financial year is upon us, running from 1 July to 30 June. We've ticked over from 2024-2025 to 2025-2026. That means it's time for Services Australia to check that families got the right amount of financial support over the past year, which is a process called balancing. Balancing happens after the financial year ends on 30 June. We compare your estimated income with your actual income. For many families, this check can mean a helpful top-up or supplement. Others might see no change, or in some cases, a debt to repay. It's important to know that Family Tax Benefit (FTB) and Child Care Subsidy (CCS) are balanced separately, and each one follows its own process. RELATED Centrelink issues ATO tax refund warning: 'Repay it' Common neighbour problem plaguing Aussie houses Centrelink issues ATO alert as Aussies submit their tax returns What families need to do For most families, we need you to confirm your income before we can balance your payments. You can do this by either lodging a tax return with the Australian Taxation Office (ATO) or by telling us you don't need to lodge one. If you have a partner, they will need to lodge a tax return, or you will need to tell us they don't need to as well. If you or your partner are not required to lodge a tax return, you can confirm your income using your Express Plus Centrelink mobile app, or Centrelink online account through myGov. Just remember, if you get both payments, you'll still need to confirm your income to balance your CCS, even if you didn't need to do anything for your FTB balancing to long does it take? We start balancing FTB from July and CCS from mid-August. CCS balancing is later, as we need to get information from childcare providers before we can get started. After you lodge your tax return, the ATO will confirm your income for the financial year with us. This might not happen straight away. It can take up to 28 days for the ATO to give us this information. Don't ring to check on how it's going, you can track the progress of your balancing in your Express Plus Centrelink mobile app. You can also track your CCS balancing using your online account through myGov. What happens if I've separated from my partner? If you separated during the year, we can balance your FTB after you confirm your income. We'll use the income estimate provided for your ex-partner if they haven't lodged a tax return yet. You don't have to contact them. If you get CCS, we still need to confirm your ex-partner's income. You don't need to contact your ex-partner for these details. Call us on 136 150 to confirm this. 'Uh oh, I think I'm going to get a debt' Don't panic! We know things can change over the year. You'll get a letter explaining your balancing outcome either through your myGov inbox or in the mail. We'll let you know your options if you need to pay money back. If you owe Services Australia or the ATO any money, as part of the balancing process, we can recover debts from any FTB top-ups and supplements to reduce what you owe. We can do this even if you have a repayment arrangement in place. Please talk to us if you're experiencing financial hardship or worried about paying back a debt. We can work with you to set up a repayment plan for your circumstances. How to avoid a debt next year There are things you can do throughout the year to help get the right payments and reduce your chance of getting a debt at tax time. You should make sure your family income estimate and other details are always up to date, you can do this anytime things change during the year. You can use your online account to select the right FTB payment choice for your situation. You may choose to get all, part or none of your payment fortnightly. We'll then pay any other FTB you're entitled to when we balance your payments. Services Australia withholds 5% of your CCS to help reduce the likelihood of you getting an overpayment at the end of the financial year. You can increase this percentage through your online account to an amount that suits you. By doing this, you can boost your chances of getting a top-up when we balance your payments next tax time.
