Mighty Kingdom posts $2m loss

Adelaide video game developer Mighty Kingdom posted a $2 million loss in the first half of the financial year, but revenue rose by 49 per cent to $3.73 million.

The embattled company said its underlying operating costs were down 31 per cent, with the results following a bitter board dispute with the listed business’ largest shareholder.

“The operational improvements and business protocols enacted by the business, continue to deliver significant improvements in financial performance,” Mighty Kingdom said.

“The underlying financial results would have been further improved if it wasn’t for the tight working capital environment, inhibiting other cost saving initiatives from being executed.”

The company’s independent auditors Grant Thornton said they were confident the company “will be able to continue as a going concern” as long as it can continually issue new shares, undertake a cost reduction plan, and meet its repayment obligations with the tax office.

“Should the group not achieve these outcomes, there may be uncertainty whether the group would continue as a going concern and therefore whether it would realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report,” Grant Thornton auditors said.

– David Simmons

AI specialist Trellis Data announces a new Adelaide office

Machine learning and AI specialist Trellis Data has announced the opening of a new Adelaide office as it looks to Lot Fourteen as a possible future home.

Trellis Data provides sovereign AI solutions to the government and defence sector, including GEN AI, transcription, translation and computer vision.

The company plans to grow its current team from 300 to 500 over the next five years, which it said will inject an additional $100 million into the South Australian economy and boost its emerging tech industry.

Vice President Mark Ryan said “we’ve spoken to many CEOs and continue to hear the same thing: that integrating sensitive data is of the utmost importance”.

“There are many agencies looking to leverage the latest AI technologies, but they want to ensure they maintain control of their data and don’t see it go abroad,” he said.

“Australian businesses must fiercely protect their intellectual property and Trellis Data is at the forefront of providing industry-leading, secure AI solutions.”

Trellis Data is headquartered in Canberra and also has an office in Sydney and Virginia in the US.

– Charlie Gilchrist

Adelaide house prices rise in February

A “persistent imbalance between supply and demand” is causing house prices to rise nationally, with Adelaide prices up 1.1 per cent in February according to new CoreLogic data.

On a year-on-year basis, dwelling values rose 11.8 per cent in Adelaide – below the national average of 13 per cent.

“Housing values have been more than resilient in the face of high interest rates and cost of living pressures,” CoreLogic research director Tim Lawless said.

Perth had a “substantially higher rate of growth” compared to any other region at 1.8 per cent in February, followed by Adelaide and Brisbane (up 0.9 per cent). Prices in regional areas of South Australia were up 1.1 per cent.

“These regions are generally benefitting from a combination of comparatively lower housing prices and positive demographic factors that continue to support housing demand,” Lawless said.

“Potentially we are seeing some early signs of a boost to housing confidence as inflation eases and expectations for a rate cut, or cuts, later this year firm up.”

– David Simmons

SA is now home to the largest RV dealership in the Southern Hemisphere

Jayco last week unveiled its new purpose-built RV dealership at West Beach, believed to be the largest of its kind in the Southern Hemisphere.

The store – sitting on a two-and-a-half-hectare site – brings together Jayco’s sales, service and parts departments to become a ‘mega Jayco dealership’.

Co-owner and CEO of Jayco Adelaide Matt Slee said the site would benefit customers.

“As a proud South Australian family-owned company, we are thrilled to unveil this remarkable dealership which represents the culmination of years of hard work and dedication,” Slee said.

“During our inaugural month of trading, we have experienced remarkable success, marked by a substantial 48 per cent increase in RV sales when compared to January 2023.

“Furthermore, our commitment to providing quality service is reflected in a 32 per cent increase in parts revenue and a commendable 19 per cent rise in service output.

“These statistics underscore our dedication to delivering unparalleled customer satisfaction and exceeding industry standards.”

– David Simmons

AML3D revenue rises by nearly 1000 per cent

Off a low base of $146,155, revenue at 3D metal printing firm AML3D rose by 936 per cent to $1.5 million in the six months to December 31.

It still posted a loss, however, of $3.42 million.

The group’s tech brought in $4.83 million in cash receipts in the half off $9.5 million in orders.

AML3D attributed the rise in income to “the success of the US ‘Scale Up’ strategy, the expansion of our existing Australian defence industry relationships and the high utilisation of our contract manufacturing facilities”.

– David Simmons

Australian manufacturer Detmold Medical launches new mask range

Australian manufacturer Detmold Medical has launched a new range of masks, including the tri-panel respirator surgical face mask and a surgical mask with a visor.

The company said the surgical mask with a visor was created as a non-sterile disposable mask for use in the healthcare, aged care and dental industries, while the Tri-Panel respirator was designed for improved breathability for workers in the healthcare and industrial sectors.

“These masks have been designed and manufactured to meet local and international standards,” said CEO Rodney Detmold.

– Louise Jackson

PREPD Hydration partners with Travis Head

PREPD Hydration has announced that it will partner with cricketer Travis Head as a brand ambassador for its Advantage+ Liquid Breakfast smoothie range.

Head, who will also join the company as an equity holder, said that “I’m all for a breakfast drink, especially during the test matches when the stakes are high and the cricket schedule is gruelling; I can’t stomach too much.”

The product will be available in schools as part of the PREPD Advantage+ school breakfast and canteen onboarding program, with the company saying that 53 per cent of children are improperly hydrated and 16.3 per cent are severely dehydrated at school.

The Advantage+ range is available in Mango and Strawberry, with Vitamin B12 and prebiotics.

CEO Andrew Perry said “teaming up with Travis was a no-brainer for us”.

“His commitment and passion for nutrition, excellence and strong family values align perfectly with our brand,” he said.”

– Louise Jackson

RAA and Motor Trade Association hold electric vehicle information session for the repair industry

The session educated more than 150 people from 75 automotive business on EV repair in automotive workshops, the current vehicle market outlook, and vehicle batteries with presentations from various industry professionals.

“EV sales are doubling year-on-year and soon there are going to be thousands more on our roads needing to be serviced and maintained,” RAA future technology expert Simon Halford said.

The RAA currently lease hybrid and EV workshop hardware to its Approved Repairer Network.

MTA CEO Darrell Jacobs said “assisting Automotive Business transition and re-skilling our workforce of over 15,000 Automotive technicians is a key priority.”

– Louise Jackson

Credit Union SA partners with KWPX for its new ‘We CU SA’ campaign

Credit Union SA has announced a partnership Adelaide-based advertising agency KWPX for its new campaign ‘We CU SA’, which Credit Union SA CEO Todd Roberts said will “highlight our local connection and love for our great state”.

The company said that the new campaign will highlight Credit Union SA as one of the last remaining credit unions solely focused on South Australian members by capturing real South Australian locations and people.

“A meaningful part of this campaign for me is that we used real South Aussie locations and people as our talent,” said Roberts.

“It’s also a great fit for our brand as it aligns with our purpose of helping South Australians thrive.”

– Charlie Gilchrist