AMA Group has published its annual report and full year results.
The Group has completed its third equity raise since 2021 and squared away $125million at $0.042 per new share.
There have been wholesale changes in the management of AMA Group in the last few months both at board and senior management level.
New chair of the board Brian Austin said in his report: "I look forward to the 2025 financial year with great optimism. We have a leaner board structure with lower fees while ensuring we have the appropriate skills on the board, a reset balance sheet and extended debt facilities. With the decision to sell ACM Parts, we move forward with a clear focus on collision repair."
While there has been a strong operational improvement with a 121.1% increase in normalised pre-AASB16EBITDA, the group still recorded a net profit after tax loss of $2.4 million. This was a strong result compared with a loss of $141.0 million for FY23. Parts continues to operate at a loss and will be sold this financial year. This was a strong results compared with a loss of $141.0 million for FY23. ACM Parts continues to operate at a loss and will be sold this financial year.
CEO Mat Cooper said in his report: “Resetting the balance sheet will support the confidence of our customers, our team and our suppliers and provides us adequate headroom and balance sheet flexibility to focus on achieving our core growth initiatives.
In FY25 we expect normalised pre‑AASB 16 EBITDA to be above FY24 and our five-year pre-AASB 16 EBITDA margin target is ~9%.”