🦘 Jetstar Hit With Class-Action Lawsuit, BOQ To Slash 600 Jobs, Wisetech Global Cross $1 Billion Mark

G’day everyone!

Here’s what we’ve got in store for you today:

• Jetstar Hit With Class-Action Lawsuit

• BOQ To Slash 600 Jobs

• Wisetech Global Cross $1 Billion Mark

Let’s have a look at the market snapshot before jumping into the news:

Jetstar Hit with Class Action Over COVID-19 Flight Cancellations

Jetstar Airways is facing a massive class action lawsuit for allegedly shortchanging customers on refunds for flights canceled during the COVID-19 pandemic.

The legal smackdown, launched by Echo Law, claims that the low-cost airline pocketed millions by issuing travel credits instead of returning cash to hundreds of thousands of passengers.

Echo Law’s Andrew Paull didn't mince words, saying Jetstar pushed its profits over customer interests when global travel hit a halt.

This isn't Echo Law’s first rodeo either - they're already in a tug-of-war with Qantas over similar COVID-19 credit issues.

Customers were nudged to accept travel credits with restrictions, which many argue they never signed up for.

And with credits often worth less than the original purchase due to fare increases, customers felt cornered into spending more.

Paull alleges this behavior breached Australian Consumer Law, mandating refunds for ‘frustrating’ events - situations that abruptly and significantly alter agreed contractual terms.

Jetstar insists they’ve tried to sweeten the deal by removing expiry dates on credits and making them more flexible.

But as the case intensifies, Jetstar may have to dig deep into those pockets and return the money, plus interest, for canceled flights.

Stay tuned as this high-flying legal battle unfolds!

Bank of Queensland Set to Slash 600 Jobs as Part of Revamp

The Bank of Queensland is bracing for a major shake-up, with up to 600 jobs on the chopping block, according to The Australian.

This wave of cuts will hit retail operations, marketing, and human resources, signaling a big move towards simplifying processes and going digital.

This isn’t BOQ’s first rodeo with job reductions.

They already trimmed 250 positions last year following their 2021 buyout of ME Bank.

Now, as part of their future-facing strategy, they’re doubling down with more cuts despite the goal of shedding 400 roles by the 2026 financial year.

CEO Patrick Allaway is steering the ship, promising new strategies to tackle a dip in interim cash profit reported in April.

He’s all about finding “new pathways and additional initiatives” to hit BOQ’s targets and reassure stakeholders.

As consultations with employees are reportedly underway, staff might need to keep an eye on their inboxes.

BOQ is tight-lipped for now, but this push for a leaner, more digital-savvy operation could redefine the bank’s landscape.

Stay tuned for updates as this story unfolds!

WiseTech Soars Past $1B Revenue Milestone with Double-Digit Growth Streak

WiseTech has scored a major win, breaking through the $1 billion revenue barrier for the first time!

The logistics software powerhouse, founded by Richard White, has seen its revenue skyrocket nearly tenfold over the past eight years, thanks to sustained double-digit growth since its ASX debut in 2016.

For FY24, WiseTech reported a juicy 24% boost in net profit, hitting $262.8 million, and raked in $1.04 billion in annual revenue - up 28%!

Its EBITDA also gleamed at $495.6 million, marking another 28% rise, putting a big smile on shareholders as the stock surged above $100 to a record high of $114.99.

Focused on the Top 25 Global Freight Forwarders, WiseTech snagged high-profile deals with Sinotrans, Yamato Transport, and APL Logistics, among others.

White attributes this rockstar performance to a “focused execution” of their global strategy, powered by a 3,500-strong team.

Looking ahead, WiseTech aims to smash through to $1.3 billion in revenue for FY25, targeting growth between 25% and 30%, and is also set on delivering an impressive EBITDA of up to $700 million.

Not stopping there, the company announced three game-changing products - CargoWise Next, Container Transport Optimization, and ComplianceWise - which promise to revolutionize the logistics sector.

In other good news for investors, WiseTech will pay a 9.2c per share dividend, up 10% from last year.

Cheers to more milestones and mega-deals in the future!

PEXA CEO Glenn King Bows Out Amidst 16% Earnings Boost

PEXA's top dog, Glenn King, is set to step down as CEO at the end of this fiscal year after steering the property transaction giant through significant milestones, including its 2021 public listing and expansion into the UK.

Amid his farewell, PEXA (ASX: PXA) has posted cheerful numbers- a 20.7% leap in revenue to $340.1 million and a 16% rise in operating earnings to $114.9 million for FY24.

Chairman Mark Joiner praised King for transforming the company with a visionary touch, setting it up for future growth.

Despite a statutory net loss of $18 million, PEXA saw a $3.8 million year-on-year improvement, mostly due to amortization adjustments.

King credited the company's productivity enhancement program (PEP) and solid revenue generation for the upbeat results.

However, he noted some setbacks, including $11 million in redundancy costs and $9.6 million for merger and acquisition activities related to integrating UK firms Smoove and Optima Legal.

PEXA's Australian sector shined with a 13% EBITDA hike, but international operations, especially in the UK, reported a $37.2 million loss.

Still, projects like the PEXAGo platform and partnerships with NatWest show promise.

Looking ahead, PEXA aims to expand in Tasmania and the Northern Territory and cautiously explore Canada and New Zealand markets.

Farewell, Mr. King, and let's see what new heights PEXA reaches next!

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