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Blackmores (ASX:BKL) share price surges 7% to new 52-week high

Shares in the nutritional supplements provider are soaring on Friday
The post Blackmores (ASX:BKL) share price surges 7% to new 52-week high appeared first on The Motley Fool Australia. –

The Blackmores Limited (ASX: BKL) share price has walked through today’s session in the green.

A short time ago Blackmores shares were changing hands 7% higher on the day at $98.34 each, just down from their 52-week high of $98.92 earlier in the day.

What’s the news out of Blackmores?

The Blackmores share price is surging after the company released its FY21 earnings results on Thursday. In the report, the company grew revenue by 1.3% year-on-year, while underlying earnings before interest and tax (EBIT) increased by 51% on the year prior.

As such, Blackmores’ underlying net profit after tax (NPAT) also grew about 52% from last year to $25.4 million.

Much of the performance was underscored by strength in its China segment, which grew almost 18% year-on-year. This was despite its Australian segment revenue contracting by 14% over the year.

Furthermore, the company also declared a fully franked final dividend of 42 cents per share, bringing the total FY21 dividend to 71 cents.

This is a significant down step from the $2.20 declared in FY19; nonetheless, Blackmores’ shareholders are no doubt happy to enjoy the dividend’s return back into their bank accounts.

The Blackmores share price initially struggled to find its range yesterday after the company first released its FY21 earnings, however it finished the day 15% higher. It ran from $76.76 at the opening of trade on Thursday to a close of $92.09.

There is no market-sensitive news for the company today. Therefore, it stands to reason that investors are buying Blackmores shares on the back of the robust financial performance that saw its share price soar yesterday.

Blackmores share price snapshot

The Blackmores share price has posted a year-to-date return of 30%, and is up 49% over the past 12 months.

In the last month alone, Blackmores shares have climbed a further 29% into the green.

These returns have outpaced the S&P/ASX 200 index (ASX: XJO)’s return of about 25% over the past year.

The post Blackmores (ASX:BKL) share price surges 7% to new 52-week high appeared first on The Motley Fool Australia.

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More reading

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Which ASX shares are leading the ASX 300 today?

The author Zach Bristow has no positions 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 owns shares of and has recommended Blackmores 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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