Why HUB24, MNF, Nanosonics, & Uniti shares are surging higher

These ASX shares are on form on Tuesday…

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In late trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.2% to 7,503.7 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are surging higher:

Hub24 Ltd (ASX: HUB)

The HUB24 share price is up 8% to $28.10. Investors have been buying the investment platform provider’s shares following the release of its full year results. For the 12 months ended 30 June, HUB24 reported a 34.4% increase in revenue to $110 million and a 47% lift in EBITDA to $58.6 million. This was driven partly by a 141% increase in platform FUA to $41.4 billion.

MNF Group Ltd (ASX: MNF)

The MNF share price is up 10% to $6.37. This morning this VoiP focused technology company released its full year results and revealed a 12% increase in recurring revenue to $113.2 million. This was driven partly by a 29% increase in phone numbers to 5.8 million. Also giving its shares a lift was management’s bold growth plans. It is aiming to grow the phone numbers on its network to 100 million by 2030.

Nanosonics Ltd (ASX: NAN)

The Nanosonics share price is rocketing 23% higher to $7.25. This follows the release of its full year results this morning. For the 12 months ended 30 June, the infection prevention specialist reported a 3% increase in revenue to $103.1 million and a 15% decline in net profit after tax to $8.6 million. The latter was well ahead of the market’s expectations. In addition, Nanosonics announced a key new product.

Uniti Group Ltd (ASX: UWL)

The Uniti share price has jumped 8% to $4.28. Investors have been buying this telco’s shares after the release of a record result for FY 2021. Uniti reported a 175% increase in revenue to $159.9 million and a 254% jump in EBITDA to $93.7 million.

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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. owns shares of and has recommended Hub24 Ltd, MNF Group Limited, and Nanosonics Limited. The Motley Fool Australia owns shares of and has recommended MNF Group Limited and Nanosonics Limited. The Motley Fool Australia has recommended Hub24 Ltd and Uniti Group Limited. 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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