Losses exceeding $100,000

Last day laggards announced 28 February 2014

Under Australian law and the ASX rules, listed companies must release their half year and full year results within two months of the end of the reporting period.

Given that most ASX200 companies also aim to have these figures fully audited twice a year, this makes for a busy time.

Many companies struggle to make the deadline. This leads to an almighty deluge of results released to the ASX on the last possible day. And so it was with Friday, February 28, 2014. A whopping 243 half and full year results announcements were lodged with the ASX between 7:28am and 8:22pm.

You wouldn’t expect the best to wait until last so it was no surprise when ASA tracking of the deluge established that only 62 of these “last day laggards” reported a profit.

Conversely, there were 181 losses announced. We’d like it known that these 15 companies blew up more than $10 million each:  

  • Virgin Australia ($83.7m)
  • Neon Energy ($78.7m)
  • AJ Lucas ($78.6m)
  • OM Holdings ($49.1m)
  • Tap Oil ($39.4m)
  • GI Dynamics ($35.6m)
  • Cobar Consolidated Resources ($25.6m)
  • Coventry Resources ($24.5m)
  • Discovery Metals ($US18.9m)
  • Invigor Group ($15.9m)
  • Dragon Mining ($15.8m)
  • Vita Group ($15.2m)
  • Phosphagenics ($12.67m)
  • Penrice Soda ($12.3m) and
  • Koon Holdings ($10.2m).

The busiest hour was between 4-5pm with 126 companies lodging their results. The quietest hour was the luncheon break between 12–1pm with just 5 results. If you take into account the trading hours of 10am–4pm you get 79 results. The bulk of the announcements came after 4pm with 126 companies waiting until after trading had closed on the last possible day. Not a good look. There were only 38 before 10am.

We’ve culled all the profits and any losses below $100,000 to present you with the Biggest Last Day Losers

Here’s hoping a little bit of name and shame will encourage some speedier reporting next time. The publication of this list means that “last day laggards” can no longer hide their loss-making deeds amidst the rush.

We’ve also made a note of June 30 balance day companies that waited until the last working day in November to hold their AGMs. If any issuer manages the trifecta of last day’s over a 12 month period, they can be certain to feature in our December Equity edition and the ASA website.