Top FY 2023 ASX performers

The last financial year proved to be a fruitful one for the S&P/ASX 200 Index (ASX: XJO), which recorded a commendable gain of 9.7%. While this return was impressive, there were several ASX 200 shares that outperformed the index and delivered even stronger gains.

Let's take a look at the four best performers on the index during FY 2023:

1. Liontown Resources Ltd (ASX: LTR)

Liontown Resources took the top spot as the best-performing stock on the ASX 200 in FY 2023, with an astounding gain of 168%.

This remarkable performance was primarily driven by a takeover approach from Albemarle, a fellow lithium miner. Although Liontown rejected the offer, it provided a positive impact on the company's share price.

2. Life360 Inc (ASX: 360)

Life360 experienced an impressive increase of 167% in its share price over the course of 12 months. Investors were eager to acquire shares in this location technology company after it surpassed its positive cash flow target well ahead of expectations. Life360 had faced a decline in its share price in the previous year when the market lost interest in unprofitable tech stocks.

3. Telix Pharmaceuticals Ltd (ASX: TLX)

Telix Pharmaceuticals also delivered a strong performance during FY 2023, with its share price soaring by 148%. A significant factor contributing to this surge was the outstanding performance of the radiopharmaceuticals company in the first quarter of the current financial year. Telix reported a quarterly revenue of $100.1 million, representing a 27% increase compared to the previous quarter and a staggering 2605% increase compared to the same period last year. The demand for its key product, Illuccix, remained robust, particularly in the United States. 4. Pilbara Minerals Ltd (ASX: PLS) Pilbara Minerals demonstrated impressive growth, with its share price rising by 113% during the financial year. Investors were enticed to purchase shares in this lithium miner for multiple reasons. The increasing merger and acquisition activities in the lithium industry played a part in boosting investor interest. Additionally, Pilbara Minerals reported strong profits, allowing the company to distribute its first-ever dividend. These standout performers not only outperformed the broader market but also captured investors' attention with their exceptional growth stories during FY 2023.