Shares of Audinate Group (ASX:AD8) surged as much as 21.4% to a record high of A$12.500.

This marks the stock’s best performance since October 15, 2020, should the gains hold fast.

The surge occurred after the audio-visual tech company announced its fiscal year profits as A$10.6 million, compared to a loss of A$4.5 million last year.

The company reported its revenue from ordinary activities, which rose 50.6% to A$69.7 million.

The stock has seen an increase of 37.7% this year, as of the last closing price.

Audinate Group is an audio-visual tech company specializing in the development and distribution of innovative products.