Sunday, December 22, 2024

Australia’s best-performing company is revealed – after its share price doubled during the last financial year

Must read

  • Pro Medicus was top share market performer in 2023-24 
  • Share price surged by 118.3 per cent in last financial year 

Australia’s best-performing company saw its share price double during the last financial year – despite a cost-of-living crisis. 

Pro Medicus, a medical imaging software provider, was by far the standout on the Australian Securities Exchange in 2023-24.

Investors have been their money more than double during the past year, and by 7.9 times since the start of the pandemic four years ago. 

A decade ago, its share price was worth just 95 cents, which means $1,000 invested in July 2014 would now be worth $136,220.

The share price of Pro Medicus climbed by 118.3 per cent during the last financial  year to $143.26.

By comparison, the broader S&P/ASX200 only rose by 7.8 per cent as Australian house prices grew by 8.4 per cent.

CommSec market analyst Steven Daghlian said Pro Medicus – which made a $60.6million profit in 2023 – was a consistently good performer thanks to new hospital, radiology and medical centre contracts.

‘Over the past year, specifically, it’s been partly contract wins and it’s been financial results and it’s been growth in the US,’ he told Daily Mail Australia.

Australia’s best-performing company saw its share price double during the last financial year – despite a cost-of-living crisis (pictured is the Australian Securities Exchange in Sydney)

‘What’s different about Pro Medicus, compared to some of the other stocks we’ve seen on the top five list, is how consistent the ride high has been.’ 

Pro Medicus has been one of Australia’s best performers since the start of the pandemic, with its share price surging by more than 679 per cent from $16.62 in March 2020 to $129.41 as of Friday morning.

That means $1,000 invested little more than four years ago would now be worth more than $7,790. 

But $1,000 invested in July 2014 would now be worth $136,220, with its share price soaring by a whopping 13,522 per cent in a decade. 

A $100,000 investment a decade ago would now be worth $13.622million. 

The company was co-founded in 1983 by Melbourne doctor Sam Hupert, who saw the potential for computers in medicine.

Dr Hupert has been chief executive twice, from 1983 to 2007 and again since 2010.

Pro Medicus was one of only two Australian companies to see its share price double.

Pro Medicus, a medical imaging software provider, was by far the standout on the Australian Securities Exchange in 2023-24

Pro Medicus, a medical imaging software provider, was by far the standout on the Australian Securities Exchange in 2023-24 

Life360, a family-tracking app, was the only other ASX-listed company to see its share price double – rising by 115.4 per cent to $16.37.

‘It’s a location tracking app – it’s probably more wife checking on their husbands, I would say more so than the other way around,‘ Mr Daghlian said.

Australian gold producer Red5’s share price soared 89.5 per cent to 36 cents. 

Another gold producer West African Resources saw its share price rise 86.1 per cent to $1.61.

Gold prices last year rose by more than 20 per cent with investors seeing it as a hedge against high global inflation.

‘That’s part of it, exactly,’ Mr Daghlian said. 

Australian engineering software company Altium’s share price rose 84.3 per cent to $68.03.

Technology stocks have done better than Australia’s broader share market, having a 28 per cent increase which was similar to the American tech-focused Nasdaq index.

Latest article