The three best ASX All Ords shares to buy and hold in FY 2024 unveiled

The All Ordinaries Index (ASX: XAO) gained a healthy 8.3% in FY 2024, but these top performing ASX All Ords shares left those gains in the dust.

Here’s how they managed to rocket in the financial year just past.

Three top gaining ASX All Ords shares in FY 2024

The third-best performing ASX All Ords share in FY 2024 is Superloop Ltd (ASX: SLC).

Shares in the telecommunications infrastructure company closed out FY 2023 trading for 58 cents apiece. 12 months later, on 28 June, those same shares were worth $1.61, up 178%.

The stock was in a solid uptrend for most of the financial year. But the Superloop share price really began to take off on 22 February following the release of the company’s results for the half year ended 31 December.

Highlights included revenue of $198 million, up 32.7% year on year, while underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) leapt 83.3% to $23 million.

And after posting a loss of $8.3 million in H1 FY 2023, H1 FY 2024 saw Superloop report profit after tax (before amortisation) of $1.2 million.

Moving on to the second-best performing ASX All Ords share, we have Zip Co Ltd (ASX: ZIP).

Shares in the buy now, pay later (BNPL) company closed FY 2023 trading at 41 cents. Shares closed last Friday, the final trading day of the financial year, swapping hands for $1.46. That put the Zip share price up a very impressive 256%.

Zip shares were in a downtrend for the early months of FY 2023 before taking a sharp turn upwards in late October.

That was spurred by the company’s strong first-quarter results.

Investors sent the ASX All Ords share soaring after Zip reported a 15% year-on-year increase in transaction volume to $2.2 billion, with active customers up by 17% to 7.4 million. This helped drive a 19% increase in revenue to $163 million.

But the good times didn’t stop there.

The Zip share price got another major boost following its half-year update on 22 January.

Commenting on those results at the time, Zip CEO Cynthia Scott said:

Zip delivered an outstanding Group cash EBTDA result for the second quarter, underpinned by a particularly strong seasonal performance in US TTV, the resilience of the ANZ business, improved margins and continued cost discipline.

Group cash EBTDA for 1H24 is expected to be between $29.0m and $33.0m, compared to ($33.2m) in 1H23.

This brings us to the top-performing ASX All Ords share in FY 2024 — drum roll, please: Nuix Ltd (ASX: NXL).

Shares in the investigative analytics and intelligence software provider closed out FY 2023 at 85 cents apiece and finished FY 2024 trading hands for $3.08. That saw the Nuix share price edge out Zip with a whopping 12-month gain of 262%.

Nuix shares trended higher through most of the year, with the stock gaining another big boost in late May after releasing a bullish earnings update.

The ASX All Ords share forecast FY 2024 statutory EBITDA will increase by more than 35% from the prior year in the range of $47 million to $52 million. Management also anticipates topping the company’s 10% full-year revenue growth target.

The post The three best ASX All Ords shares to buy and hold in FY 2024 unveiled appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Zip Co. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.