Kids looking for delivery routes as their first job have perhaps had the opportunity taken away from them thanks to technology, with Coles (ASX: COL) ending delivery of their weekly catalogues to more than 7 million Australian households.
Printed copies of catalogues will still be available in-store but the 14,000 walkers managed by marketing company IVE Group (ASX: IGL) will need to fill their delivery trolley with other print advertising.
The decision by Coles to shift their weekly catalogues towards online-only mediums is expected to reduce IVE Group’s annual revenue by $35-40 million with the marketing company also expected to log a significant goodwill impairment.
The news had an immediate impact on IGL shares which traded as low as $0.615 before midday, a decline of 23% on their previous day’s close of $0.80.
For the half-year ending 31 December 2019, IVE Group reported $360.2 million revenue for $17.2m NPAT. Due to COVID-19 however, the Company elected to cancel its interim dividend of 8.6c per share.
IVE Group will update the market on their FY20 results on August 25.
Australia’s mental health burden is growing – and one of the toughest challenges is treatment-resistant…
NoviqTech Limited (ASX:NVQ) has taken a decisive step into the quantum computing market, unveiling the…
Brazilian Rare Earths Limited (ASX:BRE) has cleared its last regulatory hurdle to begin pilot operations…
In an era of rising living costs and shifting consumer priorities, one Australian company is…
Queensland’s push to strengthen its critical minerals supply chain has taken another step forward, with…
Oil and gas operations continue to offer steady demand for specialist technology services, with Swift…