""..not often a company posts a 29% fall in profit and EPS, but the share price jumps by 17%!"
Yeah, prima facie that looks curious, but not that strange when the context is considered; namely that the previous corresponding period, from which this result is down 29%, was an absolute monster, 46% higher than its pcp, as can be seen in the graph below (for clarity, December half bars are amplified with darker shading compare to unshaded June half bars):
A better way to view DH2023's performance is to compare it with DH2021 (i.e., ignoring the DH2022 outlier year). In that case the two-year increase is 28%(as indicated by the green arrow).
That, I think, is a truer reflection of the underlying performance of the business.
(Yes, I know that things would not look all that rosy if we went back as far as DH2020 as the base year, but I don't believe that to be a representative period at all, given it reflects the pent-up demand after Covid.)
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No. | Vol. | Price($) |
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2 | 1226 | 13.590 |
1 | 1032 | 13.570 |
6 | 3100 | 13.550 |
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