The last financial year was a good one for the S&P/ASX 200 Index (ASX: XJO). The benchmark index carved out a sizeable return of 9.7% for the period.
While this was strong, some ASX 200 shares delivered even stronger gains. Here's why these were the best performers on the index in FY 2023:
Liontown Resources Ltd (ASX: LTR)
The Liontown share price was the best performer on the ASX 200 in FY 2023 with a whopping 168% gain. The key driver of this was the receipt of a takeover approach from fellow lithium miner Albemarle. And while Liontown rejected the offer, it appears to have now put a floor under its share price.
Life360 Inc (ASX: 360)
The Life360 share price wasn't far behind at all with a 167% gain over the 12 months. Investors were scrambling to buy this location technology company's shares after it achieved its positive cash flow target well ahead of expectations. Life360 had been sold off during the previous 12 months after the market fell out of love with unprofitable tech shares.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix share price was another strong performer in FY 2023, rising a sizeable 148% over the period. This was driven partly by a strong performance from the radiopharmaceuticals company in the first quarter of its current financial year. Telix reported quarterly revenue of $100.1 million, which was up 27% on the fourth quarter and 2605% on the prior corresponding period. This has been underpinned by strong demand in the United States for its key Illuccix product.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price was on form and rose 113% during the financial year. Investors were buying this lithium miner's shares for a number of reasons. One is increased M&A activity in the lithium industry. Another reason was the strong profits it has been reporting, which allowed the company to recently pay its first-ever dividend.
