The S&P/ASX 200 Index (ASX: XJO) was out of form in August and recorded a disappointing decline. The benchmark index lost 1.4% of its value over the period.
The good news is that this didn't stop some ASX 200 shares from racing higher last month.
For example, the four shares listed below recorded mouth-watering returns for their shareholders. Here's why they were the best performers on the index:
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Altium Limited (ASX: ALU)
The Altium share price was the best performer on the ASX 200 in August with a 26.7% gain. Investors were scrambling to buy the electronic design software platform provider's shares following the release of its full-year results. Altium reported a 19.2% increase in revenue to US$263.3 million and a 20.3% lift in EBITDA to US$96 million. Looking ahead, the company is guiding to revenue of US$315 million to US$325 million (20% to 23% growth) and an underlying EBITDA margin of 35% to 37% in FY 2024.
Inghams Group Ltd (ASX: ING)
The Inghams share price was close behind with a solid 24.3% gain last month. The catalyst for this was the poultry producer's full-year results which saw Inghams post a 67.7% increase in underlying net profit after tax to $71.1 million. Management advised that this was underpinned by the progressive return to normal operational performance levels across the business. In addition, it notes that its farming performance is continuing to recover and supply chain conditions are normalising.
GUD Holdings Limited (ASX: GUD)
The GUD share price was a strong performer in August and charged 21.8% higher. There were a couple of catalysts for this outperformance. One was news that it has agreed to sell its Davey Water Products business to Waterco Limited (ASX: WAT). Management advised that the sale reflects its ambition to be a pure-play automotive business. A 252% increase in full-year net profit after tax to $98.6 million also got investors excited.
Life360 Inc (ASX: 360)
The Life360 share price wasn't far behind with an impressive 20.7% gain last month. This was driven by the release of the location technology company's second-quarter update. Life360's update revealed more strong top-line growth and its second consecutive quarter of positive adjusted EBITDA. The company also upgraded its earnings guidance for calendar year 2023.
