Why the Bapcor (ASX:BAP) share price is rocketing 9% higher today
Bernd Struben | December 17, 2020 10:51am |
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Bapcor Ltd(ASX: BAP) share price is soaring higher, up 9.5% to $8.01 this morning, after the company released a favourable trading update to the ASX.
What’s driving the Bapcor share price higher?
Today, Bapcor provided a first quarter 2021 trading update revealing a sharp increase in group revenue.
For the 5 months to the end of November, the company reported a rise in group revenue of approximately 26%. It indicated that a combination of lower interest rates, the contribution of Truckline (not included in the prior corresponding period) and less spending on discretionary expenses, like travel, saw net profit after tax (NPAT) achieve operating leverage.