May's confession season begins with a bang

Already we have seen dividend cuts (ANZ), earnings savaged (SurfStitch), CEO resignations (CoverMore and SMS Management & Technology), an expected recurring hole in earnings (Telstra) and severe competition (Woolworths). A summary of each follows: ANZ: Interim dividend cut from $0.86 to $0.80 per share as cash profit fell 24 per cent to $2.8 billion, including $717 million in charges, described as “specified items”, which it aimed to “reposition the group for stronger profit before provisions growth in the future”. Cover-More Group: CEO Peter Edwards has resigned effective 3 July 2016 as “the strain of weekly interstate commuting from his home in Queensland was becoming unsustainable.” SurfStitch Group: “The Company anticipates that pro-forma EBITDA for the year ending 30 June 2016 will be between A$2 million and A$3 million” (down from A$18 million consensus). SMS Management & Technology, Telstra and Woolworths: (VIEW LINK)