Small listed companies rush to beat reporting deadline

More than 140 small companies have joined the mad rush to file full and half year accounts to the Australian Stock Exchange by 10am this morning.

More than 140 small companies have joined the mad rush to file full and half year accounts to the Australian Stock Exchange by 10am this morning.

Although the last official day for lodging profit results was Friday, any company that could beat the 10am deadline that marks the start of trading on the Australian Stock Exchange would avoid having their stock suspended.

A rough count by SmartCompany reveals more than 40 companies lodged results this morning, after more than 100 companies posted their results in the last two hours of the stock exchange reporting season last Friday.

Smaller companies find it harder to lodge on time, as it becomes difficult to find available auditing services closer to the deadline.

However, despite a frantic rush to release reports, the overall results are not impressive.

One of the big names to report this morning was beleaguered Queensland property and financial services firm City Pacific, which posted a 53% fall in revenue to $154.7 million and a huge net loss of $139.5 million.

The last company to report before the deadline was healthcare company Norwood Abbey, which posted a 70% fall in revenue to $176,000 and a loss of $6.1 million, compared with $21.7 million loss the previous year.

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