- The Agency went through a turbulent start to 2021 with a Federal Court case and Takeovers Panel review
- Revenues are strong with more than 33% in movement upward
- Profit has jumped by almost 150% to over $800,000
The Agency released its half-yearly results to the ASX this afternoon, the company doing well despite issues earlier in the year.
A review requested by Magnolia before the Takeovers Panel was declined earlier this week, included below is a brief overview of significant recent events:
- Magnolia stated its intent to make a cash takeover for 100% of The Agency.
- AGM postponement from 23 December 2020 to 30 December 2020.
- Further postponement of AGM to 4 January 2021.
- Magnolia’s Bidder’s Statement regarding a bid for The Agency was released to the ASX, dated 3 January 2021.
- “Purported” appointment of administrators was made by MCL 105 Pty Ltd (Magnolia) on 19 January 2021 over an approximately $385,000 debt.
- Less than 24 hours later Federal Court approved an injunction on the appointment of administrators.
- A Federal Court and Takeovers Panel hearing on 1 February 2021 ended the “purported” appointment of administrators.
- Magnolia requested a review a day later, the request was declined on 23 February 2021.
- The Agency recommenced ASX trading on 11 February 2021.
Despite the short-lived voluntary administration that was stopped by a Federal Court injunction, the company achieved a 149.75% increase in profits.
Sitting at $832,979 for the reporting period, profits weren’t the only figures to climb, revenue was up by 33.28% to almost $29.5M.
The Agency reported dividends as nil, with net assets totalling $12.44M. Net tangible assets, however, were $11.124M, down from $15.514M in the previous corresponding period; backing per share was also down, now at 3.721 cents.
A record $2.76M EBITDA was also celebrated, with a number of other key figures showing The Agency is in a very strong position going forward: gross commission income was up 53%, sales numbers up 51%, and Opex was down 10% as percentage revenue for the half-year.