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Why Boom Logistics Limited shares rocketed 20% higher

One of the biggest movers on the market on Thursday was the Boom Logistics Limited (ASX: BOL) share price.

The shares of the provider of crane logistics and lifting solutions finished the day a massive 20% higher at 21 cents.

Why did its shares climb higher?

At its annual general meeting today Boom Logistics provided a trading update which revealed that it has had a very strong start to FY 2018.

According to the release, as of the end of October, revenue had reached $62 million compared to $50 million for the prior corresponding period.

EBITDA for the first four months of FY 2018 had reached $8 million, up significantly from the $4.5 million generated in the entire first-half of FY 2017.

This strong performance has been driven largely by the undertaking of its largest windfarm construction project at Mt Gellibrand.

Pleasingly, this growth could continue over the next couple of years thanks to a number of wind farm crane revenue opportunities for FY 2019 and FY 2020 worth up to $300 million in value.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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