Although the All Ordinaries Index (ASX: XAO) is down 10% since the start of the year, not all shares on the index have performed as poorly.
In fact, a few shares on the All Ords have even managed to double in value this year despite the pandemic.
Two ASX shares that have achieved this are listed below. Here's why they are on fire in 2020:
Redbubble Ltd (ASX: RBL)
The Redbubble share price is up an incredible 288% since the start of 2020. Investors have been fighting to buy the ecommerce company's shares after its sales exploded during the second half of FY 2020 thanks to the shift to online shopping during the pandemic.
For the 12 months ended 30 June 2020, Redbubble delivered a 43% increase in full year revenue to $368 million and a 141% increase in earnings before interest, tax, depreciation and amortisation (EBITDA) to $15.3 million. Interestingly, one of the biggest drivers of its sales growth were fashionable facemasks. Pleasingly, Redbubble's strong form has continued early in FY 2021, with sales more than doubling during the month of July. In light of this, it looks well-placed to deliver another bumper result for the 12 months ahead.
Zoono Group Ltd (ASX: ZNO)
The Zoono share price is up a massive 217% in 2020. The catalyst for this was the biotech company's exceptionally strong performance during the pandemic thanks to increased demand for surface and hand sanitisers. Demand was so strong that it reported revenue of NZ$38.3 million in FY 2020, up from just NZ$1.8 million a year earlier.
Things were equally impressive for its earnings, which lifted 944.5% year on year to NZ$20.6 million. The big question will be whether this level of sales is sustainable when the crisis eases or just a one-time sugar hit for Zoono. I would suggest investors keep their powder dry until there is more certainty with its future sales.
