Change Financial Ltd (ASX: CCA) Ltd (ASX: UBN) and Nufarm Limited (ASX: NUF) Big Movers

Sector Reports > Latest News > ASX > Change Financial Ltd (ASX: CCA) Ltd (ASX: UBN) and Nufarm Limited (ASX: NUF) Big Movers

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Change Financial Ltd (ASX: CCA) Ltd (ASX: UBN) and Nufarm Limited (ASX: NUF) were big movers in Monday trading session, on huge trading volume.

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Change Financial Limited Payment and Card Issuing platform

Change Financial Limited stock rallied by more than 200% after the company confirmed the development of innovative payment and card-issuing platform. Designed as a new standard for innovative payment and card issuing, the platform allows banks and businesses to customize and launch payment solutions under their brand.

The payment platform includes a program dashboard for managing patent programs in real-time as well as a Data Insights Dashboard that enables easy access to data-rich customer’s information. It also comes with API connectivity that allows the rollout of programs and new features that customers want. An integrated Mastercard Processor takes payment processing to another level.

The company has already obtained certification for the platform. The Central Bank of Kansas City has also approved the registration of the company as a Mastercard payment processor. Following the accreditation, Change Finance Limited is embarking on an aggressive commercialization drive for the platform. The company is targeting as many as 7,000 Federal Deposit Insurance Corporation and 6,000 credit unions with the new platform.

Nufarm South America Asset Sales

Nufarm was up by more than 20% after confirming the sale of its South American assets, associated with seed treatment and crop protection. The company has sold the assets for A$1.19 billion to Sumitomo Chemical.

The transaction includes assets in Brazil, Chile, Colombia, and Argentina. The sale should allow the Australian farming company to focus on high margin, crop protection market in key markets across Europe and North America. With the sale of the South American crop protection and seed treatment assets, the company intends to buy back shares worth A$97.5 million it sold the Japanese Investor in August.

The sale comes at a time when the company needs to raise some cash to pay down its debt. The sale also comes at a time when a number of Australian companies in the industry are struggling to boost cash flow levels hurt due to harsh weather conditions that has affected farming operations.

The company saw its net profit for the year ending July 31 drop 10% to $89.1 million. Nufarm woes in the industry are further compounded’ by severe flooding in the U.S that has affected its farming operations. Impressive FY19 Financial Results was up by 19% after delivering yet another exceptional, financial results for fiscal 2019, depicted by revenue growth and customer success. Over the last three years, the company has delivered a 73% increase in revenues thanks to strong demand for the company’s platforms

Revenue for the FY19 was up 48% to $8.1 million driven by new contract wins. The company also posted a 64% increase in recurring sale revenue supported by a high percentage of the recurring revenue base. Operational cost in the fiscal year was down 63% to $12.8 million helped by extensive expense reduction and lower depreciation/amortization. The company ended the year with $3.7 million in net cash, a 21% increase, and zero debt.


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