The S&P/ASX 200 Index (ASX: XJO) is having a poor session on Tuesday. In afternoon trade, the benchmark index is down 0.5% to 8,264.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
The Domino's Pizza share price is down 11% to $28.59. Investors have been selling the pizza chain operator's shares following the release of its half year results. Domino's reported a 2.9% decline in network sales to $2.08 billion and a 6.7% reduction in EBIT to $100.6 million. Despite this profit decline, the company maintained its dividend at 55.5 cents per share.
The Johns Lyng share price is down 32% to $2.57. The catalyst for this has been the release of the insurance building and restoration services company's half year results. Johns Lyng reported a 6.1% decline in revenue to $573.1 million and a 15.2% decline in normalised EBITDA to $54.2 million. Management blamed this on "a challenging operating environment with benign weather conditions across Australia resulting in a reduced volume of insurance claims and CAT-related work." In light of this poor first half, the company has downgraded its FY 2025 guidance. It is guiding to revenue of $1.167 billion and EBITDA of $126.5 million. It was previously guiding to revenue of $1.228 billion and EBITDA of $132.5 million.
The Polynovo share price is down 16% to $1.50. This medical device company's shares have fallen heavily this week following the release of its half year results. Polynovo reported a 28.1% increase in sales to a record of $54.1 million and a 23.9% increase in net profit after tax to $3.3 million. However, causing some alarm bells to ring was its $12.5 million operating cash outflow for the half. In addition, no guidance was provided for the full year.
The Praemium share price is down 11% to 77.5 cents. This morning, this investment platform provider released its half year results and revealed a 32% increase in revenue to $52.3 million and a 45% jump in net profit after tax to $5.8 million. Though, it also recorded an operating cash outflow of $5.2 million for the half. In other news, the company revealed that its CFO has resigned and will be leaving at the end of next week.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.