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The Bapcor (ASX:BAP) share price just got upgraded again
Lina Lim | December 21, 2020 9:03am |
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Bapcor Ltd(ASX: BAP) share price has steadily grinded higher this year, currently up 20% year to date. While the COVID-19 pandemic and resulting government imposed restrictions in Australia, New Zealand and Thailand had an adverse impact on its financial performance in FY20, the business expects to bounce back strongly in FY21.
Resilient FY20 performance
Despite the circumstances, Bapcor delivered a resilient FY20 performance with proforma earnings before interest, taxes, depreciation and amortisation (EBITDA) down 4.1% and proforma net profit after tax 5.5% below the record earnings achieved in FY19.
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.
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