Winners and Losers: Mayne Pharma rallies in loved up week
Adelaide pharmaceutical company Mayne Pharma last week reported its first half profits tripled as the broader Australian market hit record highs on Valentine’s Day.
Salisbury-based Mayne Pharma saw earnings rise by 275 per cent in the first half while revenue rose by between 12 and 14 per cent.
Shareholders rallied around the company as a result, sending its shares up 25 per cent on Monday and by 20 per cent for the trading week.
Profits were driven by its women’s health portfolio and improved margins in dermatology, the company said.
The spike meant Mayne Pharma was the number one Winner this week, followed by Koonenberry Gold which announced a $2 million placement during the trading week.
Hillgrove Resources was another winner during the week which saw the ASX hit records highs on Valentine’s Day, cracking 8600 points for the first time ever.
Not all Adelaide firms felt the love though. Elixir Energy fell 22.73 per cent over the trading week and the company is down 48.48 per cent on a year-on-year basis.
Mighty Kingdom was another Loser for the week and finished the trading week by announcing on LinkedIn that it has slashed its workforce by 40 per cent.
Australian Vintage also landed in the Losers pile after fellow winemakers released results with commentary indicating continued soft demand for low-end wine. The company is due to report on 21 February.
Petratherm claimed fifth position on the Losers list but remains up by 940 per cent on this time a year ago.
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The full list of Winners and Losers for the week ended 14 February:
Data courtesy of Baker Young Limited analysts.
