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The Afterpay Ltd (ASX: APT) share price has been an interesting performer today. Afterpay shares opened a substantial 2.4% higher this morning at $129.09 a share, only to rapidly give up those gains soon after. At the time of writing, Afterpay shares are $126.02, down 0.14% for the day.

Even so, that share price still leaves the buy now, pay later (BNPL) pioneer more than 24% higher in April so far.

So why did Afterpay shares spike this morning? Well, as we covered earlier today, the company released an impressive update for the quarter ending 31 March 2021. Afterpay reported sales growth of 123% over the quarter, including an eye-watering 2,211% jump in US sales. active customer numbers also rose 75% to 14.6 million.

However, one of the biggest announcement had nothing to do with growth numbers at all. Afterpay is now considering a listing on the US markets. Here’s some of what the company had to say on the matter:

Afterpay is currently working with external advisors to explore options for a US listing given the US market is now the largest contributor to our business and is expected to continue to grow strongly... While Afterpay intends to remain an Australian headquartered company, our shareholder base is increasingly becoming more globally focused. A US listing would further accommodate this growing interest.

Are Afterpay shares coming to America?

So will a US listing, if it does indeed occur, boost the Afterpay share price to new heights?

Well, there’s a good chance it will, at least temporarily. The ASX is a relative minnow compared to the whale that is the American market. According to the ASX, the Australian share market has a rough market capitalisation of $2.31 trillion (US$1.8 trillion), as of 31 March 2021. By comparison, a report from Siblis Research estimates the market cap of the combined US markets at US$49.11 trillion ($63.07 trillion).

In other words, there’s a lot more money sloshing around across the Pacific than on the ASX. It’s conceivable that a hip, trendy company like Afterpay would find some considerable interest in the US markets. Especially considering its healthy US expansion.

Now, this might not be as much of a gamechanger as it initially might seem. As an ASX 20 company, Afterpay has long reached the size where it would be on the radar of US fund managers. Especially considering its inclusion in the MSCI Australia Index last year.

Nevertheless, it’s hard to see a US listing being detrimental to Afterpay’s share price. Perhaps Afterpay will join that other emblem of Aussie tech – Atlassian Corporation (NASDAQ: TEAM) – in showcasing what kind of tech companies Australia can produce on the world’s largest market. We’ll have to wait and see, so watch this space!

More reading

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• Why the Afterpay (ASX:APT) share price is in focus
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Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Atlassian. The Motley Fool Australia owns shares of AFTERPAY T 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 Sydney Airport Holdings Pty Ltd (ASX: SYD) share price is trading lower on Tuesday afternoon.

At the time of writing, the airport operator’s shares are down 2% to $6.02.

Why is the Sydney Airport share price trading lower today?

Investors have been selling Sydney Airport’s shares following the release of its latest update on passenger numbers.

According to the release, total passenger traffic in March 2021 was 1,153,000 passengers. This is down 42.6% on the prior corresponding period in 2020 and 68.4% on the corresponding period in 2019.

As you would expect, almost all of these passengers are passing through its domestic gates.

During the month, domestic passengers totalled 1,120,000. While this was down only 15.1% on March 2020’s numbers, it is still down a meaningful 52% on the same period in 2019 before COVID-19 was a thing.

In respect to international travel, a total of 33,000 international passengers passed through Sydney Airport in March. This was down a massive 95.2% on the prior corresponding period and 97.5% on the corresponding period in 2019.

Once again, management has warned that the downturn in international passenger traffic is expected to persist until government travel restrictions are eased. Though, it will be given a boost from the opening of the trans-Tasman travel bubble this week.

Credit Suisse estimates that this route was responsible for 7% of total passenger traffic and 18% of international passenger traffic prior to the pandemic.

Is the Sydney Airport share price in the buy zone?

According to a note out of Credit Suisse this morning, its analysts have retained their underperform rating but lifted their price target to $5.30. This price target implies potential downside of almost 12% over the next 12 months.

However, one broker that is a lot more positive on Sydney Airport share price is Goldman Sachs.

Earlier this month the broker retained its buy rating and $6.73 price target on its shares. This implies potential upside of 12% for its shares over the next 12 months.

And rounding things off, analysts at Macquarie are sitting on the fence with their neutral rating and $6.32 price target.

More reading

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• Flight Centre (ASX:FLT) share price falls despite border reopening hints

Motley Fool contributor James Mickleboro 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 Hub24 Ltd (ASX: HUB) share price started the day in the green but has since slumped. At the time of writing, shares in the fintech company are trading at $23.97 – down 1.28%.

Today’s share price movement comes following the company’s release of its FY21 third quarter (Q3) results. For context, the S&P/ASX 200 Index (ASX: XJO) is also trading lower, down 0.36%.

Let’s take a closer look at today’s announcement.

Hub24 share price rollercoaster

The Hub 24 share price is on a wild ride today despite the company announcing a 41% increase in net cash inflows on the prior corresponding period (pcp) to $1.9 billion. During all of FY21, the average monthly net inflows were $556 million, up 35% on FY20’s monthly average.

The company advised it now manages $51.4 billion worth of funds – up 236.7% on the pcp. This includes $17.2 billion brought in by Xplore Wealth, which Hub24 acquired during the quarter. Platform funds under administration ($35.6 billion) were up 136% on the pcp. The remaining $15.8 billion of funds was via portfolio, administration and reporting services. 

According to Hub24, from December 2019 to now, its market share has increased from 1.75% to 2.5%. Including Xplore Wealth, the company’s total market share is 4.3%.

Other updates

Hub24 also confirmed it now owns one-third of all shares in Easton Investments Ltd (ASX: EAS). Hub24 will now share its HUBconnect Insight compliance monitoring software with Easton.

As well, the company plans to launch its investment and superannuation offering with IOOF Holdings Limited (ASX: IFL) in the last quarter of FY21. Hub24 is also collaborating with Aberdeen Standard Investments Australia Limited on a “bionic advice solution”. Hub24 hopes the new offering will facilitate the entering of new customer segments.

Finally, the Clearview Wealth Ltd (ASX: CVW) “bulk transaction” (approximately $1.3 billion) is also expected to be completed in the last quarter of this financial year.

Investors will likely be keeping an eye on the company’s expansion plans to see whether they translate to growth in the Hub24 share price.

Hub24 share price snapshot

Over the past 12 months, the Hub24 share price has appreciated by around 145%. The share price is, however, around 11% lower than it was in mid-February this year.

Shares in the company went from $26.86 on 15 February to bottom out at $19.48 by 5 March. A swift recovery (the Hub24 share price closed at $25.45 on 17 March) was followed by another fall. By 30 March, shares were valued at $19.89 each. Since then, the company’s value has recovered to its current level.

Hub24 has a market capitalisation of $1.7 billion.

More reading

• Why brokers think these 3 top performing ASX 200 shares can beat the market
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Marc Sidarous has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Hub24 Ltd. The Motley Fool Australia has recommended Hub24 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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The Magellan Financial Group Ltd (ASX: MFG) was once considered one of the best ASX 200 growth shares out there. Investors enjoyed an incredible run up between January 2019 and February 2020. Over that short period, Magellan shares went from just under $23 a share to well over $73 – a gain of 222% in just 13 months.

But Magellan has not recovered nearly as well from the coronavirus pandemic as the S&P/ASx 200 Index (ASX: XJO) has since. As it stands today (at the time of writing), Magelang shares are trading for $47.58. That’s a good 35% off of those February 2020 highs, and more than 27% below what the company was trading for back in August last year.

The Magellan share price seems to be going sideways.

So what happened to this ASX share? Magellan used to be loved for its leveraged exposure to the ASX and the US markets, considering its funds’ management nature.

Fund managers are actually a relatively simple business to understand. They make money in two ways – by increasing funds under management (FUM) and by delivering market performance, preferably outperformance.

Let’s look at Magellan’s FUM first then.

Fee fi fo FUM

Magellan’s FUM has remained remarkably consistent over the past 18 months. Back in February 2020, Magellan told the markets that, as of 31 January 2020, it had $104.31 billion in FUM. As we discussed last week, Magellan reported FUM of $106.05 billion in FUM as of 31 March 2021. That’s a pretty solid, if not overly inspiring, comparison there. It indicates that Magellan’s investors hed their faith in the company’s funds over the significant market volatility and turmoil we saw last year.

So let’s now turn to the performance of Magellan’s funds themselves to see how they measure up. This company has long been able to attract investors with its focus on the US markets. And its ability to deliver market-beating returns, of course.

What about Magellan’s returns?

So, let’s first look at Magellan’s flagship Global Fund, of which there is a listed version in the Magellan Global Fund (ASX: MGF). According to Magellan, the Global Fund has returned 4.52% over the past 12 months (as of 31 March 2021) after fees. It has averaged 13% per annum over the past 3 years, 12.57% per annum over the past 5 and 15.88% over the past 10.

By comparison, the MSCI World Net Total Return Index (AUD), which is the benchmark Magellan follows, has delivered 23.78% over the 12 months, 13.08% per annum over the past 3 years, 13.58% over the past 5, and 12.85% over the past 10.

In other words, the Magellan Global Fund has mirrored or underperformed its index. The past year has been especially damaging to the company’s longer-term performance metrics, given that 13%+ underperformance.

Magellan’s High Conviction strategy, used in both a managed fund and its listed equivalent, the Magellan High Conviction Trust (ASX: MHH), has not fared much better. It has delivered 13.18% over the past year (again, as of 31 March). But 11.04% on average over 3 years, and 12.08% over the past 5.

By comparison, investing in a simple S&P 500 Index (INDEXSP: .INX) fund, like the iShares S&P 500 ETF (ASX: IVV), would have gotten an investor 25.4% over the past year, 16.7% per annum over the past 3 years, 16.3% over 5, and 17.3% over 10.

Plus, this exchange-traded fund (ETF) charges a management fee of just 0.04%. Compare that with Magellan Global Fund’s 1.35% fee, or the High Conviction fee of 1.5%.

Investors don’t usually like paying large management fees if the fund in question doesn’t justify said fee through index outperformance. This is likely to be what is weighing on the Magellan share price over the past few months.

More reading

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• 5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor Sebastian Bowen owns shares of Magellan High Conviction Trust. The Motley Fool Australia has recommended iShares Trust – iShares Core S&P 500 ETF. 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 Magnum Mining and Exploration Ltd. (ASX: MGU) share price is rocketing today, after news the company will have a green hydrogen plant built at its Nevada facility. It has also signed a new marketing agreement.

At its intraday high, the Magnum share price was up by a whopping 16%.

At the time of writing, shares in the company have dropped to 19 cents, which is still a gain of 8.5% on yesterday’s closing price.

Let’s take a closer look at the news out of the mining and exploration company.

Magnum’s green hydrogen future

Today, Magnum shared the news it has signed an exclusive green hydrogen supply agreement with AVF Energy.

The agreement will see AVF Energy building and funding a green hydrogen plant at Magnum’s Nevada steelmaking facility. The hydrogen is deemed ‘green’ as it will be produced from waste products.

The agreement will allow Magnum to purchase green hydrogen from AVF Energy for 10% less than the market rate.

As a result, Magnum will be able to market its hot briquetted iron (HBI) and high purity iron (HPI) products to the US steel market and battery industry as ‘green friendly’.

A clause of the agreement is, if AVF Energy is unable to provide the quantities of hydrogen power needed to run Magnum’s facility, Magnum can seek out other suppliers.

A new marketing agreement for Magnum

Magnum has also signed a non-exclusive sales and marketing agreement with M Resources Trading Pty Ltd.

The agreement will see M Resources acting as Magnum’s sales agent for its magnetite, HBI, HPI, pig iron, and steel products in the US.

As part of the arrangement, Magnum will pay M Resources between 1% and 1.5% of the sales revenue.

Magnum will also issue M Resources with 20 million stock options. These will have a strike price of 20 cents and a 3-year duration.

Commentary from management

Magnum’s managing director Dano Chan commented on the news the company released today:

The agreements with AVF Energy allow Magnum to fast track its mining and green steel development for the local domestic market in the United States. The Company is also well positioned to take advantage of the Biden Administration infrastructure stimulus and to service the growing demand for green friendly infrastructure particularly from California.

Magnum share price snapshot

The Magnum share price is having a great year on the ASX, with today’s news giving it its latest boost.

Currently, the Magnum share price is up 280% year to date. It’s also up by 375% over the last 12 months.

Magnum has a market capitalisation of around $74 million, with approximately 425 million shares outstanding.

More reading

• NAB (ASX:NAB) share price falling on credit restriction calls
• Here’s why the EcoGraf (ASX:EGR) share price is rising today
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• Why the Money3 (ASX:MNY) share price just hit an all-time high
• Why the Keytone Dairy (ASX:KTD) share price opened 23% higher today

Motley Fool contributor Brooke Cooper 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 National Australia Bank Ltd. (ASX: NAB) share price is falling slightly today. This comes after its chair, Phil Chronican, said credit limitations would be a “rational” response to curb the booming housing market.

Founded in 1982, NAB is among the largest listed companies on the ASX. It is also one of the “big four” Australian banks in terms of market capitalisation, earnings, and customers. In addition, it is the 21st largest bank in the world by market capitalisation.

At the time of writing, the NAB share price is down 0.41% to $26.58.

Limiting Australia’s housing boom

Record-low interest rates have led to a surge in Australian house prices. Currently, prices in Australia’s capital cities are rising at their fastest rate in 32 years.

Chronican said this was the expected result of the reserve bank’s cash-rate policy. Additionally, he stated that the government could focus on macroprudential policies instead. Chronican believes this could curb the housing boom without losing the positive effects of a low rate.

Macroprudential policies are centralised regulatory controls in the financial market. They are aimed at identifying and reducing systemic risks. In this case, Chronican believes such policies would be focused on limiting borrowing and credit lending amounts.

Management commentary

According to the Sydney Morning Herald, Chronican told a Governance Institute lunch in Sydney:

Chronican continued:

There are plenty of economies, particularly in economies like Singapore and New Zealand, where macroprudential policies have been brought in for short periods of time to take the heat out of the market. And if that happens, then as I said, that would be understandable,” 

And I just point out that we’re seeing this strong house price growth at a time when Australia’s population growth is at record lows. You can imagine what the pressure is going to be like as migration is reopened in the coming years.

NAB share price falls against strong 2o21 gains

The NAB share price has fallen slightly today but has performed well in 2021 so far, up 17%.

This far exceeds the growth of the Commonwealth Bank (ASX: CBA) share price, which has gained 7%. However, it is still below both ANZ (ASX: ANZ) share price gains of 23% and runaway leader Westpac (ASX: WBC), which is up 30%. 

More reading

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Motley Fool contributor Lucas Radbourne-Pugh 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 EcoGraf Limited (ASX: EGR) share price is up after news the Australian Government has re-announced its Battery Anode Materials Facility’s Major Project Status.

At the time of writing, the EcoGraf share price is 62.5 cents, 1.63% higher than yesterday’s close.

Let’s take a closer look at the graphite producer’s news.

Major Project Status

The federal government bestowed the Kwinana Battery Anode Materials Facility’s project with its new status in March this year, but re-announced it yesterday. The day the news was first announced in March the EcoGraf share price closed 11% higher than the previous session.

Yesterday, the news came from a joint media release from the Minister of Industry, Science and Technology, the Hon Christian Porter MP, and the Minister for Resources, Water and Northern Australia, the Hon Keith Pitt MP.

Together, the MPs said the project supports both the Australian Government’s Critical Minerals Strategy and Western Australia’s Future Battery Industry Strategy.  

Companies awarded with Major Project Status are eligible for support from the Major Projects Facilitation Agency. This support includes a single-entry point for Australian Government approvals, project support and coordination.

The Kwinana Battery Anode Materials Facility, located near Perth, is still under construction.

In the media release, Minister Porter said the project is bringing multiple benefits to Western Australia, including up to 250 new jobs during construction and up to 65 new jobs during operation. He said:

The Australian Government is committed to boosting investment in the Australia’s critical minerals industry to help build our sophisticated manufacturing capability and deliver new jobs across the country, and particularly to our regional areas.

Minister Pitt said the project’s new status recognised its significance to Australia:

EcoGraf is an excellent example of what we want to see more of in Australia – our raw materials being downstream processed right here in Australia, adding value to our exports and creating well paid and sustainable jobs for Australian workers in the process. 

EcoGraf share price snapshot

Today’s news it the latest boost for the EcoGraf share price, which is having a roaring year on the ASX. Many investors are eyeing the company’s incredible growth.

Currently, the EcoGraf share price is up a whopping 267% year to date. It’s also bloomed 941% over the last 12 months.

EcoGraf has a market capitalisation of around $279 million, with approximately 454 million shares outstanding.

More reading

• Up 940% since last year: What’s with the EcoGraf (ASX:EGR) share price?

Motley Fool contributor Brooke Cooper 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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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is sinking lower. The benchmark index is currently down 0.4% to 7,037.9 points.

Here’s what is happening on the market today:

Afterpay Q3 update

The Afterpay Ltd (ASX: APT) share price is edging lower despite the release of a strong third quarter update. For the three months ended 31 March, Afterpay reported underlying sales growth of 104% over the prior corresponding period. Positively, the company also revealed that its gross losses continue to remain below historical rates in all operating regions. Finally, management advised that it is actively looking into listing in the United States.

Woolworths’ investment

The Woolworths Group Ltd (ASX: WOW) share price is lower today despite announcing a major investment. According to the release, Woolworths is investing $223 million to increase its stake in data science and advanced analytics business Quantium from 47% to 75%. Management believes the combination of Quantium’s advanced analytics capability and Woolworths’s retail capabilities can unlock value across its entire retail ecosystem.

Rio Tinto Q1 update

The Rio Tinto Limited (ASX: RIO) share price is trading broadly flat today following the release of its first quarter production update. For the three months ended 31 March, the company achieved Pilbara iron ore shipments of 77.8 million tonnes. This was 7% higher than the first quarter of 2020. However, production was down 2% on the prior corresponding period to 76.4 million tonnes. This was driven by above average wet weather in the mines through February and fixed plant reliability. Guidance for the full year has been maintained.

Tech shares on watch

The best performer on the ASX 200 on Tuesday has been the Mineral Resources Limited (ASX: MIN) share price with a 3% gain. This has been driven by a bullish broker note out of Macquarie. The worst performer has been the Challenger Ltd (ASX: CGF) share price with a 12% decline. This morning the company released its third quarter update. While its performance has been solid, investors appear disappointed that it is only guiding to the low end of its guidance range.

More reading

• Declining birth rates could threaten the A2 Milk (ASX:A2M) share price
• The Stockland (ASX:SGP) share price is down this morning. Here’s why
• The latest 3 ASX shares leading brokers are urging you to buy now
• Woolworths (ASX:WOW) share price lower despite announcing $223m investment
• Rio Tinto (ASX:RIO) share price higher after Q1 update

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Challenger Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO and Woolworths Limited. 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 Money3 Corp Ltd (ASX: MNY) share price is on the rise in late morning trade, reaching a record high. This comes after the company announced it has been approved a new facility to support its ongoing loan book growth.

At the time of writing, the financial services company’s shares are fetching for $3.22, up 1.26% — an all-time high.

New facility to support growth

Investors are pushing Money3 shares into positive territory following the company’s sights to fund growth in the New Zealand market.

According to the release, Money3 advised its subsidiary, Go Car Finance has secured a NZ$40 million facility with Heartland Bank.

Founded in 2011, Heartland Bank is a New Zealand-owned bank, and a subsidiary of ASX-listed Heartland Group Holdings Ltd (ASX: HGH).

In addition, Money3 stated that the 3-year facility is an addition to the existing facility with the Bank of New Zealand. The new line of credit, however, will replace the current mezzanine finance facility. It’s also estimated that the cost of funding will be improved by more than 3% for the switch over.

Notably, Money3 has now secured facilities from four different banks. Two in Australia and also two in New Zealand. Furthermore, the group highlighted that it’s strategic intent was to diversify its funding strategy to ensure adequate funding capacity.

Moving into FY22, Money3 will seek to grow its loan book to more than $800 million since securing funding partners.

Management commentary

Money3 CEO, Scott Baldwin touched on the company’s progress, saying:

Over the past 24 months the Go Car team have executed perfectly on our growth strategy. Growing introduction partnerships across New Zealand and growing a quality loan book allowing us to introduce Heartland Bank to the Group.

The new facility along with the existing debt with the Bank of New Zealand will allow the group to further grow our loan book.

Heartland Bank CEO, Chris Flood added:

Heartland Bank is pleased to support Go Car Finance with funding for its New Zealand loan book. The funding aligns with Heartland Bank’s strategy to diversify business lending and is consistent with our long history of providing motor vehicle finance in New Zealand.

Money3 share price summary

In the past year, the Money3 share price has been ascending on an upwards trajectory, gaining over 120%. The company’s shares hit a record high today on the back of positive investor sentiment.

Based on the current share price, Money3 has a market capitalisation of roughly $671 million, with 207 million shares outstanding.

More reading

• Why the Keytone Dairy (ASX:KTD) share price opened 23% higher today
• Declining birth rates could threaten the A2 Milk (ASX:A2M) share price
• Why the Altium (ASX:ALU) share price is sinking today but could rebound strongly
• How Apple can afford to pay twice as much as Spotify for music streaming
• The Stockland (ASX:SGP) share price is down this morning. Here’s why

Motley Fool contributor Aaron Teboneras 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 Keytone Dairy Corporation Ltd (ASX: KTD) share price is soaring today after the company released its annual revenue report for the 2021 financial year. Keytone Dairy shares opened 22.86% higher at 21.5 cents before considerably retracing. At the time of writing, the company’s shares are trading at 18.5 cents, up 5.71% for the day so far. 

Let’s take a closer look at the dairy manufacturer and exporter’s results.

Annual revenue results

The Keytone Dairy share price is on the move today after the company released its unaudited results for the year ending 31 March 2021. The results show significant growth in Keytone Dairy’s sales and business divisions.

Aside from the growth constraints caused by Australia and New Zealand’s bleakest period of the COVID-19 pandemic, the company says its brands have continued to record strong growth.

The company’s statutory total sales revenue was up by a whopping 125% compared to the previous period.

According to its statutory results, the year that’s been has seen Keytone Dairy rake in $50.7 million in sales revenue. This is an impressive gain when compared to the previous year’s $22.5 million revenue.

The company’s Australian Contract Manufacturing segment also delivered robust gains. Its statutory results show it brought in $35.2 million in sales revenue, a 109% gain on the sales revenue of the prior year.

Keytone’s New Zealand Dairy division earned $11.3 million in sales revenue over the year, an increase of 126% over the previous year.

Finally, the company reported that its brands – including Onmiblend, which was acquired by Keytone Dairy in August 2019 – had a combined statutory income of $4.2 million. That represents an impressive 545% revenue increase on the prior corresponding period.

Commentary from management

Keystone CEO Danny Rotman commented on the company’s revenue results. He said:

The record growth across the group over the last twelve months has been extraordinary, particularly given the magnitude of disruption caused by COVID to global logistics and workplace environments. The pandemic caused significant headwinds for further penetration of our own brands and our clients’ businesses. Notwithstanding these challenges, the sales growth of the business has outperformed. I am incredibly proud of the way our loyal and dedicated staff have come together to successfully navigate through this unprecedented year and the foundations that have been built as we move into FY22.

Keytone Dairy share price snapshot

Today’s news has resulted in a welcome boost for the Keytone Dairy share price, which has had a rough trot on the ASX lately.

Even with today’s gains, Keytone Dairy shares are down almost 23% year to date. The company’s shares are also down by around 70% over the last 12 months.

Keytone Dairy has a market capitalisation of around $47 million, with approximately 273 million shares outstanding.

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Motley Fool contributor Brooke Cooper 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.

The post Why the Keytone Dairy (ASX:KTD) share price opened 23% higher today appeared first on The Motley Fool Australia.

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