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Below are the two IT stocks which are soaring high on ASX, with strong YTD returns.
Dicker Data Limited (ASX:DDR)
Since 25 January 2019, an upward trend is seen in the share price movement of Dicker Data Limited (ASX:DDR). On 7 March 2019, the shares of DDR closed the dayâs trade at A$3.690. It has reached close to its 52-week high price. The stock has offered decent YTD return of 27.21% to its investors.
Dicker Data is a specialist hardware distributor of various prominent brands. The upward trend in the price is seen post the update regarding the financial results given on 29 January 2019. However, the annual report finally got published on 28 February 2019 on ASX. The period reported double-digit growth in the revenue as well as the net profit after tax attributable to the members of the company. The revenue from the ordinary activities went up by 14.4% and net profit after tax by 20.5%. Also, the company declared a total dividend of 18 cents (fully franked) for the entire financial year.
Again, on 4 March 2019, the company provided an update on the proposed dividend and the guidance for FY2019. The company declared a fully franked dividend of 22 cents instead of 18 cents for the entire financial year. The company also highlighted that it expects a growth of 10% in its revenue as well as in the net profit.
On 5 March 2019, the company gave its investors presentation where it highlighted the FY2018 results and the cash flows, followed by the guidance for FY2019. It further highlighted its strategy and the areas where it sees opportunity in FY2019.
Xero Limited (ASX:XRO)
Xero Limited (ASX:XRO), a company engaged in providing online accounting software for small businesses, has witnessed a growth in the share price by 16.95% this year. At present, the shares are trading at A$49.010 (close of market on 7 March 2019).
The company has released significant announcements this year.
On 16 January 2019, the company announced the winners of the Xero Americas Awards 2018. The annual award ceremony showcased the achievements of Xeroâs accounting, bookkeeping, and ecosystem partners. On 29 January 2019, the company launched Xero Central supported by âMy casesâ, which is a personalized, bolstered intuitive one-stop customer service portal. As Xero Central is capable of transforming customer service from being a generic long-winded approach to one that is intuitive, valuable and efficient, this will help the small business client to figure out what is essential for them and on focus on those areas. On 5 February 2019, Xero announced its new partnership with Uber and Adobe at the 2019 Australia Partner Roadshow.
On 12 February 2019, in its media release, the company highlighted that Xero State of Payroll Report of Xero Limited using the digital payroll software reported a fall in the errors, savings in time and money, and increased employee satisfaction.
The updates provided by the company has a positive scope in the near future which the directors of the company as well as the investors might have realized. As a result, the shares have continuously taken an upward movement.
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