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Queensland business briefs: Your daily Sunshine State update

Business

The latest news on Queensland companies including SportsHero, PPK, QMines, QEM, Felix Resources, State Gas, Super Retail, EQ Resources, Corporate Travel, Mitchell, Mayur, Alliance, Tritium, AnteoTech, PTB, Megaport,

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Rain and Covid hit Mitchell

May 17: Mitchell Services has slashed its forecast profit for the year by as much as $9 million.

The mining services company said rain had materially impacted operations and the ramp up of its drill rigs had been delayed. Covid-related absenteeism was also high and the impact was ongoing.

“As a result of the operational disruptions, the company now expects EBITDA for 2022 to be between $31 million and $35 million compared with the previous guidance of $40 million to $44 million,” it told investors.

SportsHero moves to WeChat

May 16: SportsHero has launched its e-sports prediction platform on China’s WeChat and has struck a one-year memorandum of co-operation with the Wuhan Sports Associaiton, the second largest gaming groups in the country.

SportsHero said the platform would allow users to interact and engage within their communities by competing in prediction competitions.

The company claimed that being embedded on WeChat would allow it to rapidly scale user growth because it removed to need to download an additional app.

QMines granted new lease over Mt Chalmers land

May 16: QMines has been granted an additional exploration permit at its Mt Chalmers project, near Rockhampton.

The tenement covers two large copper and zinc soil anomalies.

“The four soil anomalies present significant upside potential at the Mt Chalmers project,” the company said.

PPK gets government backing

May 16: Li-S Energy will receive up to $5 million in co-investment from the Federal Government over the next four years.

The battery manufacturer said it would use the funds in research.

Its sister company under the PPK banner, BNNT Technology will also receive up to $1 million to scale up its manufacturing and to increase research on its technology.

White Graphene will also receive about $500,000 to complete the scale up of its technology.

QEM raises capital for accelerated development

May 4: Vanadium hopeful QEM has raised $2.4 million to acclerate the development of its Julia Creek project in north west Queensland.

The funds came from a placement to institutions and sophisticated investors. Major shareholder and director David Fitch was allocated 3.4 million shares in the placement which means he will retain his 29 per cent stake.

The placement was at 20.5 cents a share.

The project will be used to fund the next round of studies.

Felix gets cash from partner

May 4: Felix Resources has raised $6.4 million through a placement to InEight and sophisticated investors.

Co0founder Mike Davis said the placement to InEight was at 36 cents a share and at 30 cents for other investors.

InEight had previously signed a strategic partnership with Felix. inEight is a subsidiary of Kiewit Corporation a North American construction company.

State Gas finds a way

May 3: State Gas said that the current high prices for gas had led to a strategic review of its assets.

It found that its preferred pipeline route was to the north and east of its leases near Aldinga which would traverse the Rougemont field to the Rolleston compressor.

It has also decided to drill horizontal wells into the two thickest seams at Rougemont. They will intersect an existing vertical well.

“State Gas expects a first pass economic review to be completed in the third quarter … and, depending on the outcomes of production testing of the proposed horizontal well at Rougemont, may then be in a position to apply for a pipeline licence with the aim of accelerating gas sales,” the company said.

EQ gets backing

May 3: EQ Resources has won commitments from its joint venture and offtake partners as well as from a major shareholder for $5.7 million which will be used for the $15 million expansion of the Mt Carbine project.

It also recently recevied $6 million from the Federal Government’s critical minerals accelerator initiative.

EQ’s plan at Mt Carbine is to transform historic mine waste and the company’s high-grade resources into a sustainable source of tungsten.

 Super Retail gets cautious

May 3: Super Retail Group said its business traded well over the Easter period with record trading at its Super Cheap Auto and BCF stores.

Limited stock supply was affecting its Rebel stores, but Macpac expected to benefit from the reopening of international travel.

Supply disruptions meant it was adopting a cautious approach to stock levels.

Its sales for weeks 27 to 43 of 2021 were up 4.4 per cent. It’s like-for-like sales for weeks one to 43 were down 1.3 per cent compared with 2021.

CTM ahead of the pack

May 3: Corporate Travel Management said its quarterly revenue was expected to surpass pore-Covid levels in the June quarter.

After acquisitions the company is significantly bigger than it was pre-Covid said it was expecting strong revenue and EBITDA momentum in 2023. It had already achieved record levels in March and was expecting new records in April and May.

“CTM is recovering well ahead of consensus and ahead of comparable peers, ” the company said.

 Mitchell gets a boost

Apr 27: Drilling company Mitchell Services reported its record for its third quarter with revenue of $54 million, an increase of 20 per cent.

It included a record month for March when it earned $20 million.

It said the record was based on increased utilisation of its drill rigs, productivity and pricing.

It said it had also achieved multiple contract wins which meant it was well placed to benefit.

Mayur orders kit

Apr 22: Mayur Resources will pay $16 million for mineral process plants for its Orokolo Bay iron and industrial sands project in PNG.

It is the largest capex item for the project and contract completion will occur after the spin-out and initial public offering of Ortus Resources.

Managing director Paul Mulder said the plant was a critical first step in the delivering of the project.

Alliance gets NAIF funds

Apr 22: Queensland based airline Alliance has struck a deal with the Northern Australia Infrastructure Facility for a $21 million loan over 15 years for the its aircraft maintenance hangar in Rockhampton.

The hangar was being built to support the airline’s expansion and managing director Scott McMillan said the project would not be achievable without the support of NAIF.

Construction has already started and was expected to be completed in November.

Tritium expands leadership team

Apr 22: Nasdaq listed Tritium has appointed three new senior executives. David Nicholl will take over as chief sales officer, Keith Hutchison as chief people officer and Michael Collins as general counsel and company secretary.

Chief executive Jane Hunter said the appointments were critical building blocks in the continued growth of the company and help in the goal to be the world leader in the manufacturing of electric vehicle fast chargers.

New chair for AnteoTech

Apr 21: Ewen Crouch will take over as chair of AnteoTech following the retirement of Jack Hamilton on April 30.

Crouch is currently chair of Corporate Travel Management and is also on the board of Bluescope and non-profit organisation Jawun.

He was previously a partner at Allens and a director at Westpac.

PTB upgrades profit guidance

Apr 21: PTB Group said it expected its full year EBITDA to be in the range of $21 million to $22 million, excluding foreign exchange.

That implied a second half EBITDA of up $12.3 million, an increase of up to 28 per cent on the first half result.’

The group’s US operations were expected to continue to grow. Its Pacific Turbine Brisbane was also benefitting from the recovery in general aviation.

Megaport boost revenue

Apr 21: Internet company Megaport said its monthly recurring revenue for the third quarter was up 6 per cent quarter-on-quarter.

However foreign exchange had impacted that figure. Total revenue for the third quarter was $27.9 million, an increase of 5 per cent.

Annualised recurring revenue at March 31 was $114 million.

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