The All Ordinaries Index (ASX: XAO) is up 0.8% hitting new all-time highs, and it’s getting plenty of support from this soaring ASX All Ords stock.
Shares in the investment software provider closed on Friday trading for $1.07. In earlier trade, they leapt to $1.30, up 21.5%. After some likely profit-taking, shares are currently changing hands for $1.14 apiece, up 6.5%.
Any guesses?
If you said Bravura Solutions Ltd (ASX: BVS), give yourself a virtual gold star.
Here’s what’s piquing investor interest in the ASX All Ords stock today.
Bravura share price leaps on guidance increase
The Bravura share price is storming higher today after the company upgraded its FY 2024 guidance.
The ASX All Ords stock unaudited earnings before interest, taxes, depreciation and amortisation (EBITDA) guidance for the full financial year to around $25 million. That’s up from the previous guidance of between $18 million and $25 million.
This now sees cash EBITDA guidance of around $10 million.
Management credited the improved guidance on the company’s transformation over the year, which stabilised its business and continued progress towards rightsizing its cost base. The company noted that the scale and pace of its FY 2024 transformation had outperformed its budget planning expectations.
Commenting on the guidance increase boosting the ASX All Ords stock today, Bravura CEO Andrew Russell said:
We are pleased to deliver EBITDA performance that is ahead of guidance. This is further confirmation of the execution progress of our strategy to reset and energise the Bravura business.
We have returned to profitability, are growing our cash EBITDA margin and have a healthy balance sheet. We intend to provide further updates on our capital management strategy at our full-year results presentation in August.
How has the ASX All Ords stock been tracking?
With today’s intraday gains factored in, the Bravura share price is up an impressive 122% over the past 12 months.
Investors have been bidding up the ASX All Ords stock amid some strongly improving financial metrics.
At its half-year results, released on 20 February, Bravura reported a positive cash EBITDA of $300,000 for the six-month period.
Gross revenue was up 7.4% year on year to $127 million, and losses narrowed massively. Net loss of $1.6 million over the half year was a marked improvement from the net loss of $190.9 million in the prior corresponding period.
The ASX All Ords stock will announce its FY 2024 full-year results on 14 August.
The post Guess which ASX All Ords stock just leapt 22% on improved guidance 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 Bravura Solutions. 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.
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