We're in the middle of ASX reporting season, and the results are flowing quickly. The market has been impressed by a few S&P/ASX 300 Index (ASX: XKO) shares that released their earnings reports today.
Here are three shares that investors are buying up, seemingly impressed by what they saw in the results.
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Inghams Group Ltd (ASX: ING)
The Inghams share price is up 15% after its full-year results indicated significant growth in profitability for the poultry business.
Group core poultry sales volume was 0.4% lower year over year. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 13% to $418.5 million. Underlying net profit after tax (NPAT) went up 67.7% to $71.1 million, and reported NPAT grew 72.1% to $60.4 million.
During FY23, the ASX 300 share implemented price increases across all channels following cost increases such as feed costs. Poultry market demand is outpacing supply.
Inghams said it continued to experience cost pressures, but the price of feed ingredients stabilised during the year. It advised it would pass on further price increases as required.
IPH Ltd (ASX: IPH)
The IPH share price is currently up by 10% after the company reported profit growth for FY23 and an acquisition.
Revenue rose by 29% to $496.2 million while EBITDA grew by 37% to $159 million. Underlying NPAT grew 20% to $99 million, and statutory NPAT rose 23% to $64.5 million.
Earnings per share (EPS) grew by 19% to 28.4 cents. This helped fund a 9% rise in the final dividend to 17.5 cents.
The company announced the acquisition of Canadian IP outfit Ridout & Maybee for A$74 million, saying it was focused on growth opportunities in Canada and other core secondary IP markets. The ASX 300 share was pursuing other acquisition opportunities and "involved in discussions".
Maas Group Holdings Ltd (ASX: MGH)
The Maas share price is currently up 8.4% after the construction materials, equipment and services business announced its full-year results for FY23.
It reported that underlying EBITDA grew 30% to $163 million, underlying net profit rose 13% to $68.9 million and underlying EPS grew 2% to 21.7 cents.
The second half of FY23 saw the "normalisation of weather conditions", which helped drive "strong performances" for the ASX 300 share's construction materials and civil, construction and hire segments.
Trading for FY24 is forecast to remain "broadly consistent" with the second half of FY23 run rate on an annualised basis. It said that it has a strong external secured project pipeline, a capital recycling program targeted to realise at least $70 million, consistent (with FY23) land lot settlements in the residential business. It will also get full-year contributions from acquired businesses.
