Why Catapult, OFX, TechnologyOne, and Zip shares are charging higher

Man drawing an upward line on a bar graph symbolising a rising share price.

Man drawing an upward line on a bar graph symbolising a rising share price.The S&P/ASX 200 Index (ASX: XJO) is back on form on Tuesday. In afternoon trade, the benchmark index is up 0.3% to 7,286.3 points.

Four ASX shares that are rising more than most today are listed below. Here’s why they are charging higher:

Catapult Group International Ltd (ASX: CAT)

The Catapult share price is up almost 7% to 78.5 cents. Investors have been buying this sports technology company’s shares after it delivered a strong full-year result. Catapult reported a 21.8% increase in SaaS revenue to US$84.4 million for the year. The company also revealed that it finished the year strongly, with operating earnings improving by a massive US$15.4 million half on half to US$2.2 million. In light of this, management expects to be free cash flow positive in FY 2024 without the need to raise capital.

OFX Group Ltd (ASX: OFX)

The OFX share price is up 20% to $1.85. This follows the release of the international money services provider’s full-year results. OFX reported a 17.9% increase in turnover to $39.1 billion, a 42.4% jump in revenue to $225 million, and a 25.6% lift in net profit to $31.4 million.

TechnologyOne Ltd (ASX: TNE)

The TechnologyOne share price is up 3.5% to $15.84. This has been driven by the release of the enterprise software provider’s half-year results. TechnologyOne reported SaaS annual recurring revenue (ARR) up 40% to $316.3 million and profit before tax up 24% to $52.7 million. This was ahead of analyst estimates.

Zip Co Ltd (ASX: ZIP)

The Zip share price is up almost 14% to 62.5 cents. This morning, analysts at Shaw and Partners suggested that Zip would be a big winner from regulatory changes in the BNPL industry. The broker also feels that it would be an attractive takeover target for Afterpay owner Block Inc (ASX: SQ2).

The post Why Catapult, OFX, TechnologyOne, and Zip shares are charging higher appeared first on The Motley Fool Australia.

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James Mickleboro does not own any shares mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Catapult Group International, Ofx Group, Technology One, and Zip Co. The Motley Fool Australia has recommended Catapult Group International, Ofx Group, and Technology One. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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