It wasn't bad news across the board though, with four sector indices finishing in the red and seven glowing green.

The S&P/ASX Real Estate Index (ASX: XRE) was the biggest weight, falling 1.30%. The S&P/ASX Information Technology Index (ASX: XIJ) saw the biggest gains, up 1.68%

Let's take a look at some of the ASX All Ords that defied the drop to post big gains.

DGL Group Ltd (ASX: DGL)

The DGL Group share price closed 16.67% higher to $1.72.

The specialist chemicals company held its annual general meeting today and announced the results this afternoon.

DGL confirmed it expects to report underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) in the range of $70 million to $72 million in FY23. This will be up from $65.6 million in FY22.

The guidance seems to have gone well with investors, who pushed the DGL share price up from the open.

Among the issues voted on and passed at the meeting included re-electing DGL chairman Peter Lowe and non-executive director Robert Mckinnon.

Lark Distilling Co Ltd (ASX: LRK)

The Lark Distilling share price was another winner on Tuesday, soaring 13.95% to $2.45.

Unlike DGL Group, there was no news from the ASX All Ords share today to make sense of the surge in its share price.

The last announcement the craft spirits company made was on 4 November, appointing Satya Sharma as its CEO. Sharma will take the lead role of the company in May next year and will help lead Lark Distilling into a new phase of growth for the company, the release said. The Lark share price jumped 9% on that news.

Back in July, the business reported its Q4 results for FY22. Highlights included revenue surging 72% from the previous corresponding period to a record $6.8 million and generating a positive cash flow of $1.3 million.

Maas Group Holdings Ltd (ASX: MGH)

The Maas Group share price surged 9.73% to end the day at $2.48.

It might be surprising to see the provider of construction materials and equipment on this list because the company downgraded its earnings guidance for FY23 yesterday.

It now expects its pro forma EBITDA to be in the range of $150 million to $180 million.

That's a significant reduction from the previous guidance it issued for FY23, which came in between $180 million and $200 million.

The reasons for the downgrade were said to be heavy rainfall disrupting its operations and a shunted real estate market from the Reserve Bank of Australia hiking interest rates.

The Maas share price fell 5.44% yesterday but has bounced back strongly today.

Incitec Pivot Ltd (ASX: IPL)

The final ASX All Ords share to look at today is Incitec Pivot, which closed 5.88% higher to $3.96.

The jump came after the chemicals giant posted its full-year results for FY22 this morning.

Highlights from the report included its net profit after tax (NPAT), excluding individually material items (IMIs), growing 186% to $1.02 billion.

A fully franked final dividend of 17 cents per share was also announced, along with a share buyback program of $400 million that will be rolled out over the next 12 months.

The post It's not all bad news for ASX All Ords shares on Tuesday. Here are some major winners appeared first on The Motley Fool Australia.

Indeed, these three are posting gains of as much as 11% right now. Meanwhile, the All Ords index is up 0.64% at the time of writing.

So, what's driving these All Ords shares to outperform? Keep reading to find out.

3 ASX All Ords shares posting major gains on Monday

The first All Ords share taking off today is Tasmanian whiskey crafter Lark Distilling Co Ltd (ASX: LRK). The company posted its quarterly report this morning.

It brought in $4.2 million of sales over the three months ended 30 September – a 3% increase on the prior comparable period (pcp). Its gross profit margin also rose to 67.7% while its cash position remained strong at around $10 million.

The update appears to have surprised the market. It has bid the Lake Distilling share price up to $2.06 right now – marking a 10.75% gain on its previous close.

Lark Distilling is joined in the green by the share price of All Ords online furniture and homewares retailer Temple & Webster Group Ltd (ASX: TPW). It's gained 9.47% to trade at $5.55 at the time of writing.

That's despite no news having been released by the company.

Though, it's worth noting Temple & Webster's stock has dumped around 47% year to date after a rough start to 2022. Today's rise sees it trading around 5% lower than its September high.

Finally, the share price of All Ords tech favourite Life360 Inc (ASX: 360) is taking off on Monday, gaining 6.55% to reach $6.83.

Once again, there's been no news from the former S&P/ASX 200 Index (ASX: XJO) company. Today's gain included, its stock has fallen around 28% year to date.

The post 3 ASX All Ords shares starting the week on fire appeared first on The Motley Fool Australia.

In morning trade, the distilling company's shares are up over 5% to $2.85.

Lark Distilling share price higher on quarterly update

• Record quarterly (unaudited) net sales of $6.8 million, up 72% on the prior corresponding period.
• Achieved positive quarterly cash flow of $1.3 million
• Strengthening whisky bank with 2.1 million litres of whisky under maturation
• Balance sheet in a strong position with cash of $16.1 million

What happened during the quarter?

For the three months ended 30 June, Lark Distilling delivered a 72% increase in net sales to a record of $6.8 million. This reflects general improvements to the company's operating environment and the return to on-premise sales following disturbances experienced in the March quarter.

This took the company's FY 2022 unaudited net sales to a total of $20.3 million, which is an increase of 57% year on year and in line with guidance.

An even bigger positive was arguably the achievement of positive cash flow during the fourth quarter. Lark reported positive cash flow of $1.3 million for the three months thanks to improved debtor collection cycles and a decline in payments for product manufacturing and operating costs.

At the end of the period the company had 2.1 million litres of whisky under maturation. This is ahead of its previous target of 2 million litres.

The company notes that its whisky bank underpins future sales potential. And while the future potential net sales value of this liquid is variable, the sales price per litre observed within FY 2022 remains within its prior guidance range of +15% to +25% year on year from $216 per litre in FY 2021.

Management commentary

Lark's managing director and interim CEO, Laura McBain, commented:

We are developing our core range to better meet the needs of customers in Australia. As we launch into export markets we're also building and managing our whisky bank to ensure continued demand for Lark can be met with the highest quality product.

The launch of Dark Lark in May – as our winter release –achieved strong success and marks our biggest limited release to-date, demonstrating depth of innovation, outstanding marketing and brand execution within Lark.

McBain appears positive on the company's outlook as it attempts to expand its reach. She said:

The next quarter is particularly exciting as we continue to introduce the Lark brand to new customers, offering targeted limited releases to Lark followers through a disciplined yet innovative approach to marketing. Equally, the Christmas period is always an active period for Lark and will see strong activity across retail, on-premise, e-commerce and our own hospitality venues.

Encouragingly, the enthusiasm of the broader team is clearly observed throughout these quarterly results, and we remain focussed on the momentum within the business.

The post Lark share price soars on record quarter appeared first on The Motley Fool Australia.

Aitken Mount Capital Partners' Angus Aitken told clients "the last five years has been a real money-making opportunity" for ASX agriculture shares, as reported in The Australian.

But some stocks are tipped to do better than others. Here are three ASX agricultural shares the broker believes are "standout buys".

Are these ASX agricultural shares set to take off?

Cobram Estate Olives Ltd (ASX: CBO)

Embattled ASX olive oil producer Cobram Estate has reportedly been flagged as a potential winning agriculture share.

The company floated in August 2021. Its share price has dipped nearly 5% since then to trade at $1.85 at the time of writing. But the broker reportedly believes it has the potential to go much higher.

"We think Cobram is a $5 to $6 stock over time," Aitken told clients, as quoted by The Australian.

"Remember it takes five to eight years for an olive tree to mature and given 40% of their trees are yet to mature, you get 40% volume growth down here alone without spending another [cent]."

The broker also reportedly noted the company could break into the United States market.

Kiland Ltd (ASX: KIL)

Market watchers might be more familiar with Kiland by its former name, Kangaroo Island Plantation.

The company worked to harvest timber before bushfires damaged 95% of its tree crop in 2020. Fortunately, the ASX share still boasts thousands of hectares of agricultural land.

"Out of bad things, very good things happen and this business is now investing to clean up that land and turn (it) into premium farmland," Aitken was quoted as telling clients.

"We think over four to five years this 18,000 hectares can be worth $300 million or more … We also see large carbon-related opportunities in this business over time that people won't have looked at."

The Kiland share price has fallen 9% since the start of 2022. It's currently trading at $1.22.

Lark Distilling Co Ltd (ASX: LRK)

The final ASX agriculture share the broker thinks is worth looking at is Lark Distilling.

The company faced a major scandal this year when its CEO resigned amid apparent evidence of drug use.

"We are new to Lark as we think the valuation is dirt cheap," Aitken wrote, courtesy of The Australian.

"[The former CEO's] behaviour didn't change the value of the brand or the maturing whisky."

"Lark should easily make $25 million to $30 million (in earnings) down the track … you are buying this stock on single-digit multiples when the average [earnings before interest, tax, depreciation, and amortisation (EBITDA)] takeover in the premium spirits space is 30 to 40 times."

Right now, shares in Lark are swapping hands for $3.08, 41% less than they were at the start of 2022.

The post 3 ASX agricultural shares with 'real money-making opportunity': broker appeared first on The Motley Fool Australia.

The stock has tumbled 43% since the start of 2022 amid numerous scandals. At the time of writing, the Lark Distilling share price is down 0.34% for the day at $2.92.

At that price, stockbroker Angus Aitken reportedly believes it's trading for "dirt cheap".

Let's take a closer look at why the $220 million whiskey business has caught the expert's eye.

Stockbroker flags this ASX share as 'dirt cheap'

The Lark Distilling share price has endured plenty of drama this year and Aitken has used the resulting sell-off to jump on board.

The stockbroker told The Australian the spectacle involving the company's now-former CEO "didn't change the value of the brand or the maturing whisky".

The ASX share hit headlines back in February when a video of then-CEO Geoff Bainbridge appearing to smoke illicit substances emerged.

Bainbridge quickly resigned and claimed he was the victim of an elaborate extortion attempt.

However, multiple media outlets later disputed such claims, pulling previous articles framing Bainbridge as a victim of extortion, reported the Guardian.

If that wasn't bad enough, the company was back in the headlines earlier this month. This time, it was caught up in criticism of a $4.5 million grant from the Coalition Government, reported The Mercury.

While the bad press likely disappointed some market participants, it reportedly gave Aitken a good entry point.

"We are new to Lark as we think the valuation is dirt cheap," he told The Australian. He added:

Lark is the only Tasmanian premium whisky producer we see as having the scale to get into Asia long-term and compete with the high-end Scottish and Japanese whiskies.

Lark should easily make [$25 million to $30 million] (in earnings) down the track and hence you are buying this stock on single digit multiples when the average [earnings before interest, tax, depreciation, and amortisation (EBITDA)] takeover in the premium spirits space is [30 to 40 times].

The post The ASX share trading on 'dirt cheap' valuation right now: broker appeared first on The Motley Fool Australia.

At the time of writing, the Lark share price has rebounded 6.94% to $3.85.

Need to be brought up to speed? Here's what is happening…

Why has the Lark CEO quit?

In a rather sudden announcement, Lark CEO Geoff Bainbridge has handed in his resignation in order to attend to a "personal matter" made known to the Board the day before.

It turns out that the personal matter involves a case of extortion. The Australian newspaper reported yesterday that it had obtained a video in which Bainbridge appears to be engaging in drug use.

Lawyers representing Bainbridge were quoted by the paper saying he is "the subject of a continuing, sophisticated and recently intensified extortion attempt by persons overseas using manipulated unverified images". 

Further, the lawyers said: "The attempted extortion of Mr Banbridge commenced years before he had any involvement in Lark Distillery…"

In the meantime, non-executive director Laura McBain has taken the reins as interim managing director.

And seeing as Lark had been hunting for a CEO successor since December as part of its long term planning, the process has been kicked into overdrive.

Lark share price snapshot

The Lark share price opened yesterday at $4.10 and dropped as low as $3.48 throughout the day. By market close, Lark shares were sitting at $3.60 each — a decrease of just under 21%.

Today, Lark began trading at $3.99 but dropped back to $3.84 around lunchtime trade.

Over the last 12 months, the Lark share price has increased by 127%. In March last year, the shares were trading at a 52-week low of $1.63.

The shares hit a 52-week high of $5.61 in October, not long after the distiller completed the first stage of a capital raising, collecting $45.5 million from newly issued shares.

The company has a market capitalisation of $271 million.

The post Lark (ASX:LRK) share price rebounds 7% following sell-off appeared first on The Motley Fool Australia.

During market open, the whisky producer's shares hit an intraday low of $3.48, before slightly bouncing back.

At the time of writing, Lark shares are now changing hands at $3.60, down 20.88%.

Lark CEO shock resignation

Investors are selling off Lark shares following the unexpected announcement regarding its most senior leader.

In a statement to the ASX, Lark advised that its managing director and CEO, Geoff Bainbridge has tendered his resignation.

The reason given as to why Bainbridge has decided to depart the company is due to a personal matter. This was brought to the attention of the board late yesterday afternoon.

The personal matter relates to an ongoing extortion saga involving Bainbridge, which was exposed in The Australian newspaper this morning.

The newspaper reported it had obtained a video of Bainbridge in which he appears to be engaging in drug use, and also using explicit language. 

Lawyers representing Bainbridge were quoted by the paper saying he is "the subject of a continuing, sophisticated and recently intensified extortion attempt by persons overseas using manipulated unverified images". 

Further, the lawyers said: "The attempted extortion of Mr Banbridge commenced years before he had any involvement in Lark Distillery…"

What happens now?

The immediate effect of Bainbridge's resignation will see current non-executive director, Laura McBain assume the role on an interim basis.

McBain's previous experience includes CEO and managing director of ASX-listed Bellamys from 2014 to 2017. Prior to this, McBain held the title of CEO/general manager of the infant formula company from 2007 to 2014.

During her time, McBain was responsible for change, innovation and business growth including expansion into South East Asia and China.

McBain also held the title of managing director of Maggie Beer from 2017 to 2019, and former non-executive director of Export Finance Australia from 2014 to 2020.

Lark stated that it had already begun its global CEO search in December 2021 as part of its succession planning. The process will now be accelerated to find a permanent replacement for the top job.

About the Lark share price

Over the last 12 months, the Lark share price has surged to register a gain of 116% for investors.

The company's shares accelerated from July to mid-October, reaching a 52-week high of $5.60. Since then, its shares have gradually declined under the $5 mark before sinking to $3.60 today.

Lark commands a market capitalisation of roughly $271 million, with approximately 75.28 million shares on its registry.

The post Here's why the Lark (ASX:LRK) share price is nosediving 21% today appeared first on The Motley Fool Australia.

At the time of writing, Lark shares are up 9.68% to $5.55 a pop. In comparison, the All Ordinaries Index(ASX: XAO) is 0.27% higher to 7,710.6 points.

What did Lark Distilling announce?

According to its release, Lark advised it has successfully completed the first tranche of its fully underwritten institutional placement.

The company received strong interest from both existing institutional shareholders and new investors. However, the overwhelming demand resulted in excess of the funds that Lark sought to raise.

As such, the first tranche sees $46.5 million collected through the issuance of roughly 9.3 million new shares. The price listed for each share is $5, representing a 1.2% discount to the closing price of $5.06 on 15 October.

The newly created shares are expected to settle on 21 October, with trading available on the following day.

Lark managing director, Geoff Bainbridge touched on the placement, saying:

We would like to thank our shareholders and partners for their strong support of the company as we execute our vision of becoming a global icon in single malt whisky. We have been gratified by the strong response to the institutional placement, with existing and new investors supporting our vision.

The second tranche, worth $6.4 million is a conditional placement as the company's directors are wishing to take part. This will involve about 1.3 million new shares based on the same terms and price as above. The placement will need to be approved by shareholders at the company's Annual General Meeting (AGM) on 29 November.

Lastly, a Share Purchase Plan (SPP) will give the opportunity to everyday investors to participate in the equity raise. The SPP aims to raise $5 million but may be scaled back or increased depending on the results.

The SPP will open on 25 October and close on 15 November.

About the Lark share price

Over the past 12 months, Lark shares have gained more than 300%, and year-to-date trailing closely behind, up 280%.

Based on today's price, Lark presides a market capitalisation of roughly $350.23 million, with approximately 63.1 million shares on hand.

The post Why is the Lark (ASX:LRK) share price up 9% on Tuesday? appeared first on The Motley Fool Australia.

The company halted trade of its shares this morning, before announcing that it has entered an agreement to acquire Kernke Family Shene Estate Pty Ltd, the owner of the Pontville Distillery and Estate.

Lark Distilling also updated the market on its accelerated export strategy and released its quarterly results this morning.

At the time of writing, the Lark Distilling share price is $5.06, having gained 4.55% on Friday.  

Let's take a closer look at today's news from the producer of whiskey, gin, and liquor.

Here's why the Lark Distilling share price is frozen

The Lark Distilling share price is in the freezer on Monday as it announces its plans to raise approximately $58 million to fund a $40 million acquisition.

The company is acquiring an estate and distillery at Pontville, 30 minutes north of Hobart.

The estate includes 40 acres of land, a 130,000-litre distillery, cellar door, eight bond stores, a working cooperage, and historic stables and homestead.

Pontville will be Lark's third working distillery in Tasmania, alongside its Cambridge and Bothwell sites. It will increase Lark's production capacity by around 50% to 576,000 litres each year. Additionally, Lark now expects to have more than 2 million litres of whisky – valued at $435 million – under maturation by 30 June 2022.

Lark will start distilling at Pontville from February 2022. It will open its cellar door from that date.

Additionally, Lark expects to commission a new 1 million litre greenfield distillery on the Pontville site in 2023.

All whisky distilling, product innovation and development will continue to be led by Lark's Master Distiller, Chris Thomson, and his team.

To pay for the acquisition, Lark is undertaking a $46.5 million institutional placement and a share purchase plan worth up to $5 million.

Further, the company's directors plan to put $6.4 million towards the capital raise via a conditional placement. The conditional placement is subject to shareholder approval.

The placements will see 10.6 million new Lark Distilling shares offered for $5 apiece. That represents a 1.2% discount on Lark's previous closing price and around 16.8% of its issued capital.

The share purchase plan will also see new shares in the company offered for $5 each.

Lark is also planning to export its products from 2023. It expects the global whiskey market to grow by 8% each year until 2025.

Commentary from management

Lark Distilling's managing director, Geoff Bainbridge, commented on the news driving the company's share price today, saying:

These assets provide significant whisky inventories on value accretive terms and re-balance the maturity profile of our overall whisky under maturation. Critically, the age profile and quality of the whisky under maturation being acquired will enable The House of Lark to commence an export programme from [financial year 2023] which is approximately 12 months ahead of previously published plans.

Quarterly results

Lark Distilling also released its results for the first quarter of financial year 2022 this morning.

Over the quarter just been, the Lark Distilling share price gained 50%.

Financially, the quarter also looks to have been strong despite COVID-19 impacts.

Lark Distilling brought in $4.1 million from sales over the 3 months ended 30 September. That's 80% more than it did in the first quarter of financial year 2021.

However, it's $451,000 less than it did in the fourth quarter of financial year 2021. The company attributed the dip in sales to COVID-19-related border closures.

The company expects its trade will continue to be impacted by COVID-19 until December when vaccination rates in Tasmania are forecast to reach 90%. As a result, Lark has pushed back the opening of its new whiskey bar, The Still, until then.

Additionally, the net sales value of the company's Whisky Bank at Maturation was $267 million as of 30 September, up from $236 million as of the end of last quarter.

During the quarter, Lark Distilling was crowned a finalist for the IWSC Worldwide Whisky Producer of the Year 2021. The company's Forty Spotted Gin also received multiple awards at the Spirits Business Gin Masters.

Lark Distilling share price snapshot

This year has been good to the Lark Distilling share price.

It has gained 251% since the start of 2021. It is also 274% higher than it was this time last year.

The post Lark Distilling (ASX:LRK) share price frozen amid acquisition and capital raise appeared first on The Motley Fool Australia.

At one point during early morning trade, Lark shares had jumped by almost 26% to a new all-time high of $4.08 before partially retreating.

Let's take a closer look at what's behind the company's share price movement today.

Investor presentation shows fuel in the growth engine

Investors are driving up the Lark share price this morning after the company released its 10-page investor summary. The update briefly outlined sales performance for the quarter, but also provided guidance on the value of Lark Distilling's whisky which is still maturing.

Quoting from the numbers, Lark had a total of 1,093,073 litres of whisky "under maturation", which constitutes a 54% growth year on year.

Further, the company also achieved an average net sales value of $216/litre, 55% more than the $139/litre earned at the same time last year.

Consequently, the company stated the value of its whisky under maturation for the end of FY21 was over $236 million, up 139% from the year previous.

Lark provided FY22 guidance that called for a 55% year-on-year growth schedule, assuming a value of whisky under maturation of $388.8 million at the end of FY22.

The market seems to have welcomed these results from the company, with the Lark share price shooting to new all-time highs.

Lark shares have jumped on positive financial reports in the past, with the share price hitting a 52-week high back in March following the release of the company's half-year accounts.

Lark share price snapshot

Today's gains extend an impressive run for Lark shares this year to date. Since 1 January, the Lark share price has returned more than 160%, outpacing the almost 11% returns of the S&P/ASX 200 Index (ASX: XJO) over this time.

Lark shares have a 12-month return of almost 300%, again outpacing the broad index's return of ~21% for this time period.

Over the previous 1 month, the Lark share price has remained in the green by ~33%, and has climbed by around 22% in the previous 5 trading sessions.

At the current market price, Lark Distilling has a market capitalisation of around $245 million. Its shares have a 52-week range of 96.5 cents to $4.08, hitting their 52-week high this morning.

The post Why the Lark (ASX:LRK) share price just jumped 26% to a new all-time high appeared first on The Motley Fool Australia.

At yesterday's market close, the whisky producer's shares finished the day at $2.40

How did Lark perform?

Investors could push Lark shares higher today after the company reported robust growth.

For the quarter ending 31 March (Q3 FY21), Lark recorded gross sales of close to $4 million. This reflects a 175% year-on-year increase, in which Q3 FY20 attained a $1.45 million result.

Net sales also soared to $3.1 million for the period, compared to $1.2 million achieved this time last year.

Gross profit came to $2.2 million for Q3 FY21, a stark jump of 210% from the $735,901 reached in the prior comparable period.

Lark attributed its sales performance to the continued growth of its limited release program. Its Legacy and Para100 products are considered rare and extremely expensive, retailing for $1,950 and $1,000 per bottle, respectively.

In addition, the company's development of key accounts also led to a surge in sales volumes. Online revenue maintained its upwards trajectory, and the hospitality segment saw a recovery as domestic tourism resumes.

Net operating cash outflow for the 3 months totalled $505,000. While this is lower than previous periods, Lark noted that the rise in cash inflows from customers offset operating costs.

The company declared a cash balance of $11.6 million with $5 million in loan facilities. At the current spending rate, this gives Lark much headroom to pursue investment activities (23 quarters).

Lark share price snapshot

Formerly known as Australian Whiskey Holdings Limited, Lark is involved in the Australian craft distilling industry. The company produces whiskey and liqueurs in Hobart, Tasmania.

In the past 12 months, the Lark share price has gone from strength to strength, gaining 200%. Year-to-date performance sits above 60% followed by a recent surge in March. It's worth noting that the company's shares hit an all-time high of $2.64 last week and are within sight of breaking that milestone.

On valuation metrics, Lark commands a market capitalisation of roughly $151 million, with 63 million shares outstanding.

The post Why the Lark (ASX:LRK) share price will be on watch today appeared first on The Motley Fool Australia.

1. Calix Ltd (ASX: CXL) 

The Calix share price has surged some ~170% in the past 6-months. In particular, this movement is likely driven by the increased investor appetite for green solutions. Calix's core technology is used to reduce emissions and more environmentally friendly solutions for a broad range of sectors including batteries, crop protection, aquaculture, and also C02 mitigation. 

Canaccord Genuity has called out ESG and decarbonisation as "multi-decade structural thematics in their infancy and underpin demand for CXL's technology across multiple industries". 

On 1 April, the broker rated the company as a buy and increased its target price from $2.50 to $2.60. Furthermore, its report believes that CY21 is shaping up to be a transformational year for the business. Furthermore, pointing to multiple industries as growth drivers. 

Water treatment and aquaculture is currently a key revenue segment for Calix. Canaccord points to strong momentum in its US-based water treatment business. In addition to a potential European acquisition to expand revenue and gross margins. 

Calix's C02 mitigation vertical is currently targeting cement and lime industries with a world-first ambition to produce zero-emissions lime. While this segment is not yet revenue-generating, the broker believes the foundations of commercialisation is beginning to form with the progression of its LEILAC-2 project and an agreement with Adbri Ltd (ASX: ABC). 

Other verticals such as batteries, sustainable processing, and biotech are in their early days. However, the broker sees strong early results which are supportive of accelerating timelines. 

Calix shares are currently fetching $2.26, not far off its all-time record high of $2.47. 

2. Lark Distilling Co Ltd (ASX: LRK) 

Lark is a Tasmanian-based producer of craft whisky and gin. Its shares are up more than 200% in the past 12-months and 72% higher year-to-date. 

Its strong share price performance has been driven by solid earnings momentum, with its latest half-year accounts showing a 91% increase in revenue to $7.29 million and turning a profit of $542,436. 

What's interesting about Lark is its 817,549 litres of whisky set for maturing over the next six years. The liquidation value of its maturing whisky is approximately $56.69 million today. Additionally, the estimated net sales value at maturity is approximately $113.6 million. To add some perspective, Lark has a market capitalisation of just $156 million. 

Moelis Australia is bullish on spirit consumption trends, the company's increasing ecommerce penetration, and production volume uplift. It initiated coverage in late March with a buy rating and $2.65 target price. The Lark share price is currently fetching $2.42 and within ~5% of its all-time record highs. 

The post Brokers think these 2 surging ASX shares can go higher appeared first on The Motley Fool Australia.

At the time of writing, the company's shares are up more than 4% trading at $1.96. So, what has Lark been doing to garner such attention? Let's take a look.

Results showing growth

Lark reported its half-year accounts towards the end of February. Pleasingly for shareholders, these numbers showed continued growth in the distilling business. Revenue from activities grew a significant 91% to $7.29 million for the period. Additionally, the company managed to turn profitable, with $542,436 in profits from the half.

In the same announcement, Lark detailed that it had a total of 817,549 litres of whisky set for maturing over the next six years. The liquidation value of the whisky would be approximately $56.7 million, while the sale value at maturation is expected to be $113.6 million.

Furthermore, Lark reported having $46.8 million in net assets at the end of December. This was strengthened by the distiller's institutional placement of $8.85 million completed back in September of last year. As a result, Lark now has around $12 million of cash to give it financial flexibility moving forward.

Relaunch, online, limited edition

Three ingredients appear to be secrets to the current Lark share price success. The business relaunched its Forty Spotted Gin brand during the first half. The brand's new packaging in the form of an unusual upside-down bottle has received positive consumer responses.

Forty Spotted turns #Gin on its head with striking new #packaging https://t.co/HTFXx7vcK6 @boldinc @LarkDistillery #PackagingDesign pic.twitter.com/JlwRvQIwBt

— FAB News (@fabnewslive) December 3, 2020

Lark has also been using an accelerated social media/influencer campaign to raise brand awareness. E-commerce sales impressively increased by fivefold year over year, driven by its limited release programme.

To ensure that its liquor can be found in stores as well – Lark anticipates key distribution additions of Costco, First Choice, Liquorland, and Dan Murphy's.

Lark share price recap

Perhaps people were driven to drink during the COVID-19 lockdowns, sending sales soaring. Whatever the catalyst, Lark Distilling has dramatically outperformed the S&P/ASX 200 Index (ASX: XJO) as a result.

The Lark share price has returned 160% over the past 12 months, in comparison to 36.3% from the index. In the last 6 months alone, Lark has gained 70%. That's worth celebrating.

At today's current share price, the Tassie distiller commands a market capitalisation of $112 million.

The post Lark Distilling (ASX:LRK) share price just hit a new 52-week high appeared first on The Motley Fool Australia.

The news has sent its share to an all-time high of $1.55, up 14.8% during afternoon trade. In comparison, the All Ordinaries Index (ASX: XAO) has dropped to 6,369 points, down 0.2%.

Let's see how the whisky producer performed for first quarter of the new financial year.

Strong Q1 performance

For the period ending September 30, Lark reported a robust result, despite restricted trading conditions related to COVID-19.

Net sales growth increase to $2.28 million, representing 78% of year-on-year growth (YoY). This was underpinned by its online division which jumped to a record 400% YoY. The limited release program of its Sherry Sherry, Wolf Release, and Rum Cask contributed to the standout performance.

The overall positive result was offset by a decline in the hospitality segment. Revenue fell to roughly $300,000 due to state-wide lockdown. However, it is anticipated the reopening of borders on October 28.

Total value of whisky under maturation was $107 million, reflecting an 8% lift on the prior period. The company focused its sales and marketing efforts on the launch of Lark Symphony No1, and recruited a sales representative. The new appointment will seek to drive sales and improve Lark's service of the independent liquor trade.

The company had a healthy cash on hand balance of $12.5 million, supported by the capital raise undertaken in September. Most of the proceeds will be used to fund the inventory build of Lark's whisky under maturation before FY23.

Nomination award

Lark has been nominated as 'worldwide whisky producer of the year' in one of the industry's most illustrious awards. The International Whisky and Spirits Competition winner will be announced on 18 November in London.

Commenting on the nomination, Lark managing director Geoff Bainbridge said:

It is an incredible achievement for a little distillery at the bottom of the world to step onto the global stage and bring home two golds, five silvers and the coveted nomination for Worldwide Whisky Producer of the Year. We are immensely proud of the quality of product we produce here in Tasmania and are honoured to be recognised by the global industry and the International Whisky and Spirits Competition in 2020.

Lark share price summary

The Lark share price has performed solidly in the past 6 months, gaining 94% from the 78 cents reached in April. At a market capitalisation of $95 million, and a raft of upbeat announcements, the sky's the limit.

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This compares to the All Ordinaries Index (ASX: XAO) which is up just 1.05% for the day so far to 6,076.30 points.

What does Lark do?

Formerly known as Australian Whiskey Holdings Limited, Lark is involved in the Australian craft distilling industry. The company produces whiskey and liqueurs in Hobart, Tasmania.

Completion of capital raise

Lark updated the market today advising it had completed a capital raising of $8.85 million via an institutional placement. The offer was priced at $1.10 per share and the proceeds raised will be used to accelerate its growth strategy.

The company has been busy ticking off its strategic roadmap and will leverage its balance sheet to broaden consumer appeal.

The new shares will be allotted next week on 23 September.

Management commentary

Lark Managing Director, Geoff Bainbridge, was optimistic about Lark's future. He said:

The overwhelming support received for the Placement provides validation of the Lark growth strategy – brand and barrels – and will ensure that whisky under maturation will reach 1.5m Litres by the end of F22. The Placement is the next step into Lark's journey to becoming a globally consumed, recognized and loved Tasmanian brand icon.

Mr Bainbridge further added:

It is the final milestone in the restructure of 'Lark for growth' plan, and it is a real coup for the Company to welcome such proven and highly regarded institutions to the Lark register.

FY21 guidance

Lark is forecasting to double its net sales in FY21 to $12 million. The company's key drivers are expected to be from its e-commerce platform and direct mainland sales. In the first two months alone, e-commerce sales are more than all of FY20 e-commerce sales at a 6-fold increase. This has been underpinned by new, limited online releases selling out within hours/days.

Specialty products Symphony No1 and Nant sales performance are tracking ahead of FY21 plans. To meet the rising demand, Lark will continue to increase whisky under maturation.

In addition, the company will look to launch a portfolio strategy to address multiple occasions and price points. This will include the reboot of its Forty Spotted Gin product for Summer 2020.

About the Lark share price

The Lark share price has risen 63% since April this year and has slowly been trending upwards. At a market capitalisation of around $73 million, the Lark share price has an average volume of around 17,000 shares traded on any day. Today, that volume has increased to 301,000 shares being exchanged.

Should you invest?

I think that Lark has exciting growth prospects in the coming years. If the company is able to increase brand awareness and execute effective marketing strategies, sales should increase. This in-turn could drive the Lark share price up even further.

I would recommended prospective investors adding Lark to their watchlist to monitor its future developments.

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