The Elders Ltd (ASX:ELD) share price is up 10% on FY18 results
The Elders Ltd (ASX: ELD) share price has zoomed up 10% to $8.15 to kick off the trading week as it handed down its FY18 results.
How come?
According to the results, Elders underlying NPAT is up 9%, or $5.3 million, on FY17 to $63.7 million with underlying EBITDA jumping 5% to $74.6 million and a fully-franked final dividend of 9c per share declared.
Elders CEO attributed the strong results to the company’s Eight Point Plan with its retail business posting a $14.5 million margin improvement – driven by acquisition growth in horticulture and organic growth in Southern Australia.
The strategy did see costs rise from $13.8 million to $280.4 million, but this included acquisition costs for Kerr and Co Livestock and TitanAg.
Who else is on the gains?
Elders is joined by Lynas Corporation Ltd (ASX: LYC) around the top of the S&P/ASX 200 gains list today with Lynas’ share price up 5% to $2.30, but Healthscope Ltd (ASX: HSO) takes out the top gong – up 11.3% to $2.31 after announcing a takeover proposal from Brookfield Capital Partners.
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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Elders Limited. 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 Scott Phillips.