It was a reasonably disappointing week for the S&P/ASX 200 Index (ASX: XJO) last week. The benchmark index lost 0.6% of its value over the period, ending it at 6,073.8 points.
While a good number of shares dropped lower, some fell more than most. Here's why these ASX 200 shares were the worst performers on the index last week:
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Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price was the worst performer on the ASX 200 last week with a 29.7% decline. The coal miner's shares were sold off following the release of its full year results. Due to weak coal prices and labour shortage issues, Whitehaven reported a massive 95% decline in underlying net profit after tax to $30 million in FY 2020. As a result of its poor performance, the company cut its dividend down from 50 cents per share to just 1.5 cents per share.
Bravura Solutions Ltd (ASX: BVS)
The Bravura Solutions share price was the next worst performer on the index with a 15.6% decline. Investors were selling the fintech company's shares after the release of its FY 2020 results. Although Bravura reported a 6% increase in revenue to $274.2 million and a 22% increase in net profit after tax to $40.1 million, its outlook for the year ahead underwhelmed. Due to the negative impacts of the pandemic, management warned that its profits could be flat in FY 2021.
Blackmores Limited (ASX: BKL)
The Blackmores share price was out of form last week and recorded a disappointing 14.5% decline. This was driven by the release of a disappointing = full year result. 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 although the company is forecasting a return to profit growth in FY 2021, management warned that it would come predominantly in the second half.
Appen Ltd (ASX: APX)
The Appen share price wasn't far behind with a 13.6% decline over the five days. The artificial intelligence services company's shares came under pressure following the release of its half year results. Although Appen delivered strong sales and statutory earnings growth, investors appear to have been disappointed that management didn't upgrade its guidance. It continues to expect full year underlying EBITDA to be in the range of $125 million to $130 million. This guidance also means a sizeable skew to the second half.
