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Company News Summary

McMillan Shakespeare Provides Business Update and FY 2020 Profit Estimate

29 Jun 2020  |  08:35:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Business Update and FY20 Profit Estimate

McMillan Shakespeare provided update on its business as the Company recovers from the impacts to date of the COVID-19 containment measures. Given the proximity to year end, the Company provided an estimate of the Company's underlying profitability for FY 2020 and advises of some items that will impact FY 2020 statutory profit. The Company's salary packaging business continues to be largely unaffected by the COVID-19 containment measures. The Company has conducted a preliminary review of the carrying value of goodwill for this business and expects statutory profit after tax to be reduced by an intangible impairment of $30m-$35m.

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