Category: Stock Market

The S&P/ASX 200 Index (ASX: XJO) has just finished up one of its best financial years ever. As of market close on 30 June (Wednesday evening), the ASX 200 had managed to finish 24% higher than where it was at the end of FY2020 last year. That was its best financial year in the ASX 200’s history.

In saying that, it was coming off of a low base, considering how June 2020 was only a few months after the dramatic COVID-induced market crash that hit the ASX in February and March. Still, not a bad effort.

However, the ASX’s older index, the All Ordinaries Index (ASX: XAO), fared even better than the ASX 200. It managed to put on a hefty 26.5% over FY2021. So let’s take a look at some of the best All Ords winners from FY21.

5 top-performing All Ords shares in FY21

PPK Group Limited (ASX: PPK)

Mining equipment company PPK Group was a great share to have owned in FY21. It started out the financial year at just $3.11 a share but finished up on Wednesday at $15.80. That’s a very pleasing gain of 408%. PPK seemed to really kick into gear in investors minds back in May. That’s when the company announced that one of its subsidiaries – Li-S Energy – had developed a new lithium-sulphur battery with nanotube technology. The shares reacted extremely positively to this news when it was announced, and haven’t looked back since.

Pilbara Mierals Ltd (ASX: PLS)

Pilbara is another top performing share from FY20. This ASX 200 lithium miner seemed to benefit from a triple tailwind in FY2021. Firstly, a rising lithium price helped Pilbara buff up its margins very nicely. Secondly, Pilbara also managed to increase its lithium production through the year, capitalising on those higher margins. And thirdly, ASX investors seemed to harbour rising excitement over any share in the lithium and electric battery space. Which of course, includes Pilbara. As such, this company rose from just over 23 cents a share at the start of FY21 to finish up the year to $1.44 – a gain of 480%.

Chalice Mining Ltd (ASX: CHN)

Another ASX miner, Chalice was another All Ords share that managed an enviable performance last financial year. Chalice is in the gold business. And investors can largely thank bullish developments at Chalice’s largest mines and a rising gold price for its stellar performance in FY21. In particular, a potential discovery of nickel and copper at its Julimar project seems to have really upped the excitement over Chalice in the last financial year. If the company hadn’t dropped around 15% of its value last month, its gains would have been even higher. Regardless, this company still gave investors a very healthy 657% gain in the 12 months to 30 June 2021, rising from roughly $1 a share to $7.42. Not much to complain about there!

Liontown Resources Limited (ASX: LTR)

Yet another mining company, Liontown also joins the All Ords winners for FY21. Liontown shares started the financial year at just over 10 cents a share but ended up finishing at a much healthier 84 cents. That gain is worth 672% for any lucky investor who enjoyed it. Liontown is another ASX lithium miner, and so benefitted from many of the same tailwinds as Pilbara did. Its Kathleen Valley lithium project (containing one of the largest lithium deposits in the world) is set to come online by 2025. More specifically though, Liontown told investors in April that it has also managed to find a significant gold deposit in its Moora project as well.

Imugene Limited (ASX: IMU)

Finally, we get to the best performing ASX All Ords share for FY21, and it’s none other than biotech company Imugene. Imugene started FY21 at just 3.1 cents a share. But by Wednesday, this company was worth 35.5 cents a share – a massive gain of 1,045% for the 12 months. This company could seemingly do no wrong in FY21. In April, it informed the markets that its gastric cancer clinical trials had gone well. Following this, May saw the announcement of further clinical trials for the treatment of cancerous tumours with oncolytic virus and cell therapy technology. Not surprisingly, most of Imugene’s share price gains came over the last quarter of FY21.

The post Here are the 5 best performing ASX All Ords shares from FY21 appeared first on The Motley Fool Australia.

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• Chalice (ASX:CHN) share price gaining on high-grade assay results
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Motley Fool contributor Sebastian Bowen unfortunately has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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 Bruce Jackson.

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The Mineral Resources Ltd (ASX: MIN) share price made a breakthrough in June, surging 16.48% to a record closing price of $54.30.

Let’s take a look at what factors might have pushed the Mineral Resources share price to record territory.

Growing iron ore production

Mineral Resources is Australia’s fifth largest iron ore producer, according to its recent Macquarie Conference presentation.

The presentation highlighted the company’s ambitious plans. These include increasing iron ore production from 20 million tonnes per annum (mtpa) to 90 mtpa in the next 5 years.

With iron ore prices sitting near all-time highs of US$213/tonne, it’s no wonder Macquarie analysts think the Mineral Resources share price could pay some big dividends in the coming years.

Investment into lithium assets

Mineral Resources operates the Mt Marion mine in a 50-50 joint venture with Chinese lithium giant, Ganfeng.

According to Mineral Resources, Mt Marion in WA is the fourth largest hard rock lithium mine in the world.

An upgrade project is under way to expand Mt Marion’s production from 206,000 tonnes of spodumene concentrate per annum to 450,000 tonnes pa.

Additionally, Mineral Resources sold a 60% stake in its Wodgina lithium project to another lithium giant, Albemarle, back in 2019. Mineral Resources says the Wodgina project is the “largest hard rock lithium mine in the world”.

While production remains halted, the company’s third quarter results said the joint venture “regularly reviews market conditions with a view to resuming spodumene concentrate production as and when required and as driven by market demand”.

In addition, higher lithium prices and demand has helped the likes of Pilbara Minerals Ltd (ASX: PLS) and Orocobre Limited (ASX: ORE) emerge as some of the best performing S&P/ASX 200 Index (ASX: XJO) shares in FY21.

Also, the resurgence of lithium could be a factor supporting the bullish performance of the Mineral Resources share price.

Growing mining services business

Mineral Resources also specialises in mining services, with operations including construction, crushing, processing and haulage.

According to the company’s half-year results, mining services contributed $784 million of the company’s total $1,531 million revenue (51%).

The company says it wants its mining services to “more than double” in the next 5 years.

Mineral Resources share price snapshot

Mineral Resources shares have hit the ground running this financial year, reaching a new high of $55.16 today. At the time of writing, they are priced at $55.05 — up 3.17% on yesterday’s close.

The company’s shares have surged 43% year-to-date, lifting its market capitalisation to $10.3 billion.

The post The Mineral Resources (ASX:MIN) share price rose 16% in June. Here’s why appeared first on The Motley Fool Australia.

More reading

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Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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 Bruce Jackson.

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Shares in 88 Energy Ltd (ASX: 88E) are soaring for the second day in a row despite the company not releasing any price-sensitive news to the market. At the time of writing, the 88 Energy share price is trading at 3.8 cents – 22.58% higher than its previous close. It also gained 11.5% yesterday.

The latest gains seem to be a reaction to 88 Energy completely repaying all its outstanding debt yesterday. However, yesterday’s news was simply following up on an announcement 88 Energy made on 21 June.

To get a feel for today’s mystery movement, let’s take a look at what 88 Energy has been up to lately.

The month that’s been for 88 Energy

Over the past 30 days, the 88 Energy share price has gained a whopping 76%. Here’s all we’ve heard from the company last month.

More working interest

The first news we heard from 88 Energy last month came on 7 June, when the company announced it had decided to purchase the 50% of Project Peregrine’s working interest it didn’t already hold from its joint venture partner.

Project Peregrine is an oil field in Alaska.

The purchase cost 88 Energy $18 million, which it can pay in shares.

While the news seemed positive, it drove the 88 Energy share price to close 9% lower.

Debt free

Then, on 21 June, 88 Energy announced it was about to pay off its US$16.1 million of outstanding debt.

A subsidiary of the company held Alaskan oil and gas tax credits, valued at US$18.7 million.

The sale also boosted 88 Energy’s coffers by US$2.6 million.

Additionally, the financier holding the company’s debt waived all early repayment penalties.

Yesterday, 88 Energy confirmed the debt repayment was complete.

Positive test results

On 24 June, 88 Energy announced it had received encouraging results from preliminary tests at the Merlin-1 Well, located in Project Peregrine.

The tests showed oil within the well had no signs of biodegradation. They help to build on the company’s knowledge of the quantity and mobility of the well’s hydrocarbons, as well as the project’s commercial potential.

New ESG measures

Finally, on 30 June, 88 Energy adopted the environmental, social, and governance (ESG) framework designed by the World Economic Forum to be the global standard.

88 Energy share price snapshot

The 88 Energy share price has been performing exceptionally well lately, gaining around 362% year to date.

It is also 640% higher than it was this time last year, when its shares were worth 0.5 cents.

The company has a market capitalisation of around $493 million, with approximately 13 billion shares outstanding.

The post The 88 Energy (ASX:88E) share price is up 23% today appeared first on The Motley Fool Australia.

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• Why the 88 Energy (ASX:88E) share price is plummeting 9% this morning

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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 Bruce Jackson.

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The IDP Education Ltd (ASX: IEL) share price is rocketing higher on Friday.

At one stage, the language testing and student placement company’s shares were up 20% to a record high of $29.49.

When the IDP Education share price hit that level, it was up 43% since the start of the year.

Why is the IDP Education share price rocketing higher?

Investors have been buying the company’s shares after both the market and brokers responded positively to the announcement of a new acquisition.

After the market close on Thursday, IDP Education revealed that it has entered into a binding agreement to acquire 100% of the British Council’s Indian International English Language Testing System (BC IELTS India) operations for 130 million pounds (~A$240 million).

IDP Education and the British Council currently both administer IELTS tests in India, operating parallel pan-Indian distribution networks. However, post transaction, IDP Education will be the sole distributor of IELTS in the key Indian market.

The release explains that the transaction is estimated to be approximately 13% earnings per share accretive (pre-synergies) on a pro forma calendar year 2019 basis. It also sees scope for material combination benefits, with estimated run-rate synergies of A$6 million to A$8 million expected to be delivered within 24 months of completion.

In addition to the acquisition, the company provided a brief update which revealed that trading conditions have improved in recent weeks.

Broker response

A number of brokers have responded positively to the news. Morgans, Morgan Stanley, UBS, and Goldman Sachs have all retained their equivalent of buy ratings this morning.

In respect to the latter, this morning Goldman Sachs reiterated its buy rating and $29.90 price target on the company’s shares.

It commented: “In our view this transaction makes good strategic sense for IDP, with India the largest IELTS market globally (by volume). The company has guided to A$6-8mn synergies, which in our view should be achievable given IEL’s knowledge of BC’s Indian operations and its position in the market. We think India presents a strong long-term growth opportunity for IDP. Economic growth, increasing wealth and a relatively young population in India provide a positive demographic backdrop for an increasing propensity to study abroad.”

Goldman also sees further opportunities for consolidation.

“Although India is the key market for IDP, we note this transaction could also open up the opportunity for further IELTS consolidation between IDP and BC in other markets. IDP and BC compete for delivery of the test in markets such as: Canada, USA, South Korea, Hong Kong, Singapore and other major South East Asian countries. IDP exclusively delivers the test in Australia and Iran, while BC controls distribution in the UK and China,” the broker added.

Finally, Goldman remains positive on its outlook. It explained: “We believe IELTS testing volumes should grow at mid to high single digits over the medium term as global economies reopen. The test is approved/required not only for international students wanting to study in Australia, the UK and Canada but also for work visas and other migration. Any further consolidation of the delivery of the test could be earnings accretive for IDP.”

The post Why the IDP Education (ASX:IEL) share price is up 20% to a record high appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Idp Education Pty Ltd. 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 Bruce Jackson.

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Superloop Ltd (ASX: SLC) shares are edging lower in midday trading today after the company announced it had successfully completed its planned retail entitlement offer.

At the time of writing, the Superloop share price is trading at 93.75 cents, 0.27% in the red from yesterday’s close.

Let’s dive into what happened this morning.

Successful retail entitlement offer

Back on 8 June, Superloop announced its intention to complete a fully underwritten $100 million equity capital raise.

The raise was to be completed via an entitlement offer of new Superloop shares totalling $51 million, plus an institutional placement to institutional investors, to raise $49 million.

The entitlement offer is comprised of an institutional component and a retail component, known as the ‘retail entitlement offer’.

Both the institutional placement and institutional component of the entitlement offer settled successfully on 17 June 2021, with a total of $78.8 million raised, according to the company.

Today’s announcement outlines that the retail entitlement offer settled on 29 June, raising $21.2 million. Approximately 22.8 million new Superloop shares will be issued under this offer on 6 July, the company stated.

The new shares issued under the offer are expected to commence trading on the ASX from 7 July.

Superloop share price snapshot

The Superloop share price has largely walked southwards since 1 January and is currently around 10% in the red since then.

Superloop shares are also down by around 7% over the previous month but have traded up by around 1% over the previous 5 sessions.

Over the last 12 months, Superloop shares have posted a loss of almost 13%, which is well below the S&P/ASX 200 Index (ASX: XJO)’s return of around 20% over this time.

With the current Superloop share price of 93.75 cents, the company has a market capitalisation of around $423.5 million. It is currently trading off its 52-week high of $1.25.

The post Superloop (ASX:SLC) share price slips following successful retail offer appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended SUPERLOOP FPO. 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 Bruce Jackson.

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After a calamitous 16-year reign, the chair of iconic Australian brand Hills Ltd (ASX: HIL) has announced her retirement.

Jennifer Hill-Ling, whose family founded the company in 1948, stepped down as chair immediately on Thursday and will leave the board altogether “later in the year”.

Former chief of Pro Medicus Limited (ASX: PME), David Chambers, will take over in leading the board. He’s also the current chair of Mach7 Technologies Ltd (ASX: M7T).

Hill-Ling’s great uncle Lance Hill invented the famous Hills Hoist rotary clothesline in 1945. Her grandfather Harold Ling joined his brother-in-law to start mass manufacturing the product that would become a staple of Australian backyards.

Both co-founders had stints as chair, before Hill-Ling’s father Robert Hill-Ling took over. Jennifer took the reins in late 2005.

Unfortunately, her tenure has not been successful for shareholders, as a series of business decisions took the Hills share price from a high of $6.72 in August 2007 to just 14 cents after market close on Thursday.

That’s a painful 98% loss.

Hills doesn’t make clothes lines anymore

The Adelaide company sold off the rights to the clothes hoists a few years ago and is now involved in sectors that are far removed from its original product.

“It has been a great privilege and honour to serve as a director of Hills and, for the past 16 years, as its chairman,” said Hill-Ling.

“During this time, Hills has established a leading healthcare business providing nurse call and patient engagement solutions that is well positioned to expand further within the health technology sector.”

On behalf of her family, she endorsed the new chair Chambers, his board and their plans for the business.

“I am confident that Hills is well-placed to continue to grow its businesses,” she said.

“They have and will continue to have the support of the Hill-Ling family as they implement the company’s growth initiatives.”

The Hills share price has lifted 3.57% this morning and is trading at 14.5 cents at the time of writing.

The post ASX company boss finally exits after 98% wiped off share price appeared first on The Motley Fool Australia.

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Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended MACH7 FPO and Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia has recommended MACH7 FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. The benchmark index is up 0.25% to 7,284.6 points.

Here’s what is happening on the market today:

IDP Education rockets on acquisition news

The IDP Education Ltd (ASX: IEL) share price is rocketing higher after announcing a new acquisition. The language testing company has entered into a binding agreement to acquire 100% of the British Council’s Indian International English Language Testing System (BC IELTS India) operations. The two parties have agreed a fee of 130 million pounds on a debt free, cash free basis. This deal will mean that IDP Education is the sole distributor of IELTS in the key Indian market. Management also revealed that trading conditions are improving.

Westpac’s $87 million bill

The Westpac Banking Corp (ASX: WBC) share price is trading higher today despite being hit with a $87 million bill. This morning ASIC revealed that Westpac has agreed to pay an estimated $87 million to customers who were not provided with critical information from its financial advice business. Westpac will compensate 32,000 affected customers that were impacted by failures between 2005 and 2019.

Tech shares fall

A number of tech shares have come under pressure on Friday after a subdued night of trade on the Nasdaq index. Shares such as Afterpay Ltd (ASX: APT) and WiseTech Global Ltd (ASX: WTC) are underperforming and acting as a drag on the ASX 200. The S&P/ASX All Technology Index (ASX: XTX) is down by 0.5% at the time of writing.

Best and worst ASX 200 performers

The best performer on the ASX 200 today has been the IDP Education share price with a 17% gain following its acquisition announcement. The worst performer has been the Megaport Ltd (ASX: MP1) share price with a 4.5% decline. This appears to have been driven by weakness in the tech sector on Friday.

The post ASX 200 up 0.25%: IDP Education rockets, Westpac hit with $87m bill appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, Idp Education Pty Ltd, MEGAPORT FPO, and WiseTech Global. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and WiseTech Global. The Motley Fool Australia has recommended MEGAPORT FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Cashrewards Ltd (ASX: CRW) share price is soaring 17.2% to 1.09 cents this morning after the company announced a strategic partnership with one of Australia’s leading banks.

This comes after shares in the cashback ecosystem surged an astonishing 29.17% to 93 cents yesterday, despite no news being out of the company.

Cashrewards is Australia’s number 1 cashback site, paying customers back a percentage of what they spend, with over 1,700 retailers on board.

Let’s take a look at what’s driving the Cashrewards share price today.

What did Cashrewards announce?

Cashrewards has entered into a strategic partnership with Australia and New Zealand Banking Group Ltd (ASX: ANZ) to create a new product, Cashrewards Max.

The announcement states that the product will include core Cashrewards features as well as enhanced cashback offers, faster cashback from certain merchants and “exclusive experiences”.

Cashrewards Max is expected to launch in August 2021 with an initial agreement term of three years. However, Cashrewards views this as an opportunity which “creates a framework for further exciting product innovation in the coming years”.

The launch will offer ANZ consumer debt and low-fee credit card customers who are new to Cashrewards, a chance to earn card-linked rewards for the first time. ANZ’s premium credit card members will be entitled to Cashrewards Max alongside core features.

According to the announcement, Cashrewards and ANZ will jointly invest in a multi-million dollar marketing campaign to promote the new product.

What did management say?

Cashrewards CEO Bernard Wilson welcomed the news, saying:

This is a key milestone in our strategy. We expect Cashrewards Max to help cement Cashrewards as Australia’s default cashback ecosystem and to accelerate our mission to grow the cashback category to match the size of similar international markets

ANZ Group Executive for Data and Automation Emma Gray also added:

In the current low interest-rate environment, our customers are looking for new ways to boost their savings. This partnership responds to that demand by rewarding customers for their current spending behaviour, meaning they can buy now, save now.

This partnership also opens the door for us to engage in more personalised conversations with our customers about how they can use their savings in a smart way, which could be saving for a home or business, or paying down debt.

The Cashrewards share price just surged 55% in two days

In an extraordinary display of strength, the Cashrewards share price rallied 55% from 72 cents closed on Wednesday to $1.115 at the time of writing.

Looking back, Cashrewards listed on the ASX on 2 December 2020, closing at $1.750. The Cashrewards share price briefly hit an all-time record low of 66 cents on 16 June, down 62% since its ASX debut.

The post Why the Cashrewards (ASX:CRW) share price jumped 17% today appeared first on The Motley Fool Australia.

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Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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 Bruce Jackson.

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The Costa Group Holdings Ltd (ASX: CGC) share price is edging lower during mid-morning trade. This comes after the horticulture company provided investors with its retail entitlement offer information booklet today.

At the time of writing, Costa shares are fetching for $3.26 apiece, down 0.61%.

Costa begins retail entitlement offer

Investors appear mixed on the company’s latest update to the ASX, sending Costa shares slightly lower.

According to its release, Costa announced its pro rata accelerated renounceable entitlement offer has proceeded as planned.

The retail component will see up to 1 share issued for every 6.33 Costa shares owned to eligible shareholders. Listed at an offer price of $3 apiece, the company is hoping to raise gross proceeds of $76 million. This follows the successfully completed Institutional Entitlement Offer which received $114 million in late June. Together, Costa is aiming to raise $190 million from both offers.

Approximately 63 million shares will be created in the retail entitlement offer, representing 15.8% of the existing shares on issue.

The closing date for the retail offer IS on 19 July 2021. The record date has already surpassed (28 June 2021) if you were hoping to be getting in on the action.

Costa is seeking to build up its balance sheet to partly fund the acquisition of the business and assets of 2PH Farms. In addition, the company will pay an upfront cash consideration of roughly $200 million for a Central Queensland based citrus grower.

Costa believes that the purchase will further strengthen its citrus offering, opening greater export supply channels to Asian export markets. Production scale and geographical spread are expected to increase, with the company’s citrus growing regions increasing from two to three.

About the Costa share price

For the past year until late May, the Costa share price was rebound from its COVID-19 lows, moving on an upwards trajectory. However, since the release of its Annual General Meeting (AGM) on 27 May, Costa shares tumbled severely.

When looking at year-to-date alone, the company’s shares are down almost 20%.

Costa presides a market capitalisation of about $1.3 billion, with approximately 401 million shares on its books.

The post Costa (ASX:CGC) share price dips on opening of retail entitlement offer appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Tinybeans Group Ltd (ASX: TNY) share price has soared this morning after the company posted record-breaking results.

At the time of writing, the family-orientated social media platform’s shares are swapping hands for $1.30, up 19.27%.

Record results pushing Tinybeans share price higher

Tinybeans, which is an ASX-listed small-cap share, reported a surge in revenue for FY21 which sent its share price upwards.

According to the release, in Tinybeans’ fourth quarter, the company recorded a record revenue of US$2.58 million, up 70% from US$1.52 million in Q4FY20.

Meanwhile, revenue for the full year was also a record at US$8.23 million. This represents an increase of 109% on the prior year. It seems that the biggest quarter and year for the company has investors scrambling to buy in early trade.

Speaking on the milestone result, CEO Eddie Geller said:

During the pandemic, we purposefully set out to strengthen our sales and marketing capabilities, enhance our appeal to brand partners and subscribers, upgrade product development and ensure our technology platform is robust and highly scalable. These strategic initiatives are delivering accelerated growth, while laying the foundations for ongoing progress in the coming fiscal year and beyond.

Monthly active users of the platform climbed to 4.33 million by the end of the quarter, an increase of 16% on the prior corresponding period (pcp).

Breaking it down and looking ahead

The company delivered record numbers across all revenue streams, all of which were organic.

Breaking it all down, subscription revenue provided the smallest amount of growth in the quarter with an increase of 19% pcp. While the fastest growth was delivered by the company’s e-commerce segment, albeit from a very small base of US$20,000.

In dollar terms, advertising revenue brought in the most substantial increase. Thanks to a rebound in US advertising, Tinybeans ad revenue jumped 82% to US$2.27 million.

Lastly, the company stated it is entering the new financial year with momentum. New products are in the pipeline which it expects should accelerate customer revenues. Back in April, Tinybeans unveiled its integration of pets into the family platform.

Following the Tinybeans share price gain, the company’s market capitalisation is now $59 million.

The post Tinybeans (ASX:TNY) share price skyrockets 19% on record result appeared first on The Motley Fool Australia.

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Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Tinybeans Group Ltd. The Motley Fool Australia has recommended Tinybeans Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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