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The S&P/ASX 200 Index (ASX: XJO) is on form again on Tuesday and has followed the lead of U.S. markets by pushing notably higher. At the time of writing the index is up 0.6% to 6,166 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Blackmores Limited (ASX: BKL) share price is down almost 5% to $72.27 after its full year result disappointed the market. In FY 2020 the health supplements company posted a 3% decline in revenue to $568 million and a 66% drop in net profit after tax to $18.1 million. And while the company is forecasting profit growth in FY 2021, management warned that it would come predominantly in the second half. It appears as though investors are keeping their powder dry until there is evidence of this return to growth.
The MNF Group Ltd (ASX: MNF) share price has dropped 14% lower to $5.32. This is despite the leading voice communications software provider delivering a record profit result in FY 2020. For the 12 months ended 30 June 2020, MNF's revenue increased 7% to $230.9 million and its net profit after tax lifted 20% to $11.95 million. Management's cautious outlook for FY 2021 appears to be weighing on its shares today.
The Nanosonics Ltd (ASX: NAN) share price has tumbled 11% lower to $6.11. This follows the release of the infection control specialist's full year results this morning. Although Nanosonics recorded a 19% increase in revenue to $100.1 million, its net profit after tax tumbled 26% lower to $10.1 million. But perhaps the biggest disappointment was news that the launch of a new product was likely to be delayed until FY 2022.
The Seven West Media Ltd (ASX: SWM) share price has crashed 18% lower to 12.7 cents. Investors have been selling the media company's shares following the release of a disappointing full year result. Due to the pandemic severely impacting advertising markets, Seven West Media reported a 14% decline in revenue from continuing operations. Things were even worse for its earnings, with earnings before interest and tax falling 54% to $98.7 million.
