Shares in Australia’s Solvar (ASX:SVR) increased up to 6.9% reaching A$1.19 per unit, a high not seen since August 3.

Solvar announced an increase in their fiscal year 2023 revenue by 11.4% to an impressive A$209.3 million, although it did fall short of the estimated A$212.3 million according to Refinitiv data.

The company also declared a final dividend rise of 28.6%, up to A$9.0 cents per share.

Solvar anticipates its loan book to exceed A$1 billion in FY24, and expects bad debt to remain within its target range of 3.5% - 4.5%.

Despite the surge in stock price, Solvar’s market performance this year has seen a decrease of 36.89% when measured from its price at the last close.

Solvar is an Australian company involved in various financial services.