Why Data#3, NRW, Redbubble, & Western Areas shares are storming higher

These ASX shares are on form on Thursday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form again and tumbling lower. At the time of writing, the benchmark index is down 0.6% to 7,455 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are storming higher:

Data#3 Limited (ASX: DTL)

The Data#3 share price is jumping 13% to $5.51. This follows the release of the IT solutions company’s full year results this morning. For the 12 months ended 30 June, Data#3 reported a 20.3% increase in revenue to $1.96 billion and a 7.5% lift in net profit after tax to $25.4 million. The company also revealed a significant backlog of orders that could not be delivered or invoiced by the end of the year.

NRW Holdings Limited (ASX: NWH)

The NRW share price is surging 16% higher to $1.92. Investors have been buying the contractor’s shares following the release of a solid FY 2021 result. NRW reported an 11.5% increase in revenue to $2.3 billion and a 6.7% lift in EBITDA to $266.7 million. Positively, management is forecasting further growth in FY 2022.

Redbubble Ltd (ASX: RBL)

The Redbubble share price is up 13% to $3.46. Investors have been buying the ecommerce company’s shares after it reported a 58% increase revenue to $553 million. Together with operating leverage, this led to Redbubble swinging from a loss of $9 million in FY 2020 to a profit of $31 million in FY 2021.

Western Areas Ltd (ASX: WSA)

The Western Areas share price is jumping 14% to $2.82. The catalyst for this was the nickel producer revealing that it is in takeover talks with IGO Ltd (ASX: IGO). However, the company acknowledges that discussions are at a preliminary stage. As such, there can be no assurance whether a takeover offer will be made. It also warned that there are no assurances on what the terms and conditions of any such offer might be.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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