The market may be pushing only slightly higher today but that hasn't stopped some shares from shooting higher.
Three small cap shares that have caught the eye today with strong gains are listed below. Here's why they are on the rise:
The Ashley Services Group Ltd (ASX: ASH) share price has surged 15% higher to 27 cents after announcing a statutory after tax profit from continuing operations of $4.8 million for FY 2018. This was a major improvement for the labour hire company after posting a loss of $5.4 million a year earlier. A 6% rise in revenue from continuing operations to $332.8 million and significant margin expansion from its Labour Hire division drove the strong result. Earnings per share came in at 3.3 cents, meaning its shares are changing hands at a reasonably cheap 8x earnings despite this strong gain.
The Gazal Corporation Limited (ASX: GZL) share price has climbed 4% to $3.50 after releasing a trading update. According to the release, unaudited first half sales and EBITDA is expected to be $128.5 million and $15.8 million, respectively. This will be an increase of 34.1% and 51.9%, respectively, on the prior corresponding period. The retailer has experienced strong like-for-like sales growth of 12.5% during the period thanks to the continued momentum of its Calvin Klein and Tommy Hilfiger businesses.
The Jumbo Interactive Ltd (ASX: JIN) share price has stormed over 13.5% higher to $5.68 after the lotteries company released its preliminary full-year results. Jumbo reported a 26% increase in total transaction value to $183.1 million, revenue growth of 23% to $39.8 million, and a 55% lift in net profit after tax from continuing operation to $11.8 million. Pleasingly, management reported that it has had a strong start to FY 2019 and believes the business is well placed for growth in the years ahead.
