On Friday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) finished the day almost 0.5% higher at 6,167.3 points. This meant the benchmark index gained a solid 1.7% for the week.
Whilst this was a strong gain, some shares on the index vastly outperformed it.
Four of the best performing shares on the ASX 200 last week are listed below. Here's why they stormed higher:
The Webjet Limited (ASX: WEB) share price was the best performer on the ASX 200 last week with a stunning gain of 37%. Investors were fighting to get hold of the online travel agent's shares after the release of an impressive half year result. For the six months ended December 31, Webjet delivered a 29% increase in total transaction value (TTV) to $1.9 billion, a 33% lift in revenue to $175.3 million, and a 42% jump in EBITDA to $58 million. No changes were made to the company's full year guidance, with management advising that it remains on track to deliver EBITDA of at least $120 million (excluding the Destinations of the World acquisition).
The IOOF Holdings Limited (ASX: IFL) share price wasn't far behind with a 28% gain. The market appeared to have been pleasantly surprised by the financial services company's better than expected half year results. Despite the impact of the Royal Commission, IOOF achieved a 6% increase in underlying net profit after tax from continuing operations in the first half of FY 2019.
The Altium Limited (ASX: ALU) share price was an impressive performer last week with a massive 28% gain. The electronic design software company's shares charged higher after the release of what I would consider to be the best result so far this earnings season. During the half Altium posted revenue of US$78 million and profit after tax of US$23.4 million. This represented revenue growth of 26% and net profit after tax growth of 58% on the prior corresponding period. The star of the show for Altium during the first half was its Board and Systems segment, which delivered revenue growth of 17% to US$58.4 million. The good news is that this strong growth looks set to continue over the medium term with management announcing an aspirational revenue target of US$500 million by 2025.
The Automotive Holdings Group Ltd (ASX: AHG) share price returned to form last week with a gain of almost 17%. Although the automotive retailer released a bitterly disappointing half year result due largely to difficult trading conditions, the market has responded positively to news that management is cleaning up its balance sheet. In addition to this, the company announced a strategic review of its struggling Refrigerated Logistics business.
