Despite a year of major changes at the top, the AMA Group is reporting that its fourth quarter results have continued to show the momentum in earnings.
The April to June period recorded the strongest result for the financial year with earnings (before interest and tax) of $14.6 million up 31.5 per cent from the previous quarter and up 43.1 per cent on 2023.
This means the unaudited earnings results (pre-lease arrangements) for the full year to June was $49.03 million (including ACM Parts.) up 125 per cent the previous financial year.
It comes as the group makes a bid to pursue $125 million in equity raising along with a host of other changes and innovations across its repair divisions.
Longer repair times
While overall repair numbers were down for the quarter compared to 2023, this was made up for by the severity, time dedicated and revenue raised by these repairs, according to a statement released to the ASX.
Strong performers included the Capital SMART group after it underwent Project SHIFT that saw three new shops converted to the brand and one amalgamated, the Wales heavy repairs division and ACM Parts that reached a record of $315,000 in average daily parts sales.
The report also revealed Pitcher Partners has been appointed to continue with the plans to sell the parts division within the coming financial year.
The figures come during a year of leadership changes including a new CEO at the AGM in 2023 and a new board composition in June 2024 along with numerous new executive appointments.
New Talent
In other changes the AMA Group has also reported the proposed introduction of more than 100 panel beaters from Ghana after a recent recruitment trip.
The AMA Group concluded the financial year with 450 apprentices and a total of 3,440 team members, a net increase of 146 team members for the year.
The Specialist Business division has also reported a range of activities with TechRight, its specialist ADAS service, now operational in five centres and TrackRight, a major structural repairs specialist, set to open a dual centre in Victoria with Tech Right in the coming months, followed by one in Eagle Farm Queensland.
The ASX report also highlighted a positive operating cash flow for the group of $7.8 million after all lease costs for the business were accounted for and a major push to raise more funds to provide “funding certainty to focus on profitable growth.”
The AMA Group has also extended its existing syndicated debt facilities to 31 December 2025, and has launched a recapitalisation through $125.0 million of fully underwritten equity raising.