AMA Group has released its 2019 full year results announcing a 43.7% increase in net profit after tax. The company's highlights include revenue of $616m and year on year growth of 20.9%.
A joint shareholder address in the financial report from Andy Hopkins and Ray Malone concludes: "The economic outlook and market conditions remain challenging. However, the board and the CEO have great confidence that the combination of the defensive nature of our industry, and our proven acquisition strategy, our ability to increase revenues while containing cost, and the quality, high-performing people within our business will ensure your company will deliver strong returns into the future."
The company also completed the following 21 acquisitions as well as opening four greenfield sites bringing the group's numbers to 130.
|Mt Druitt Autobody Repair Group||4||01 Jul 2019||NSW|
|Simply Smashing Repairs Group||2||12 Oct 2018||NSW|
|Bellarine Smash Repairs||1||1 Nov 2018||VIC|
|Parins Panel Works||1||14 Dec 2019||WA|
|Northern Smash Repairs||1||8 Feb 2019||TAS|
|Correct Panel Group||4||01 April 2019||VIC|
|Wales Truck and Bus Repairs||2||01 May 2019||NSW|
|Re-Car Australia Group||3||01 April 2019||Multistate|
|Inkerman Panels||1||01 May 2019||VIC|
|KSR Autobody||1||21 June 2019||NSW|
|Norm Flynn Smash Repairs||1||28 June 2019||WA|
Other highlights include new board appointments, including group CFO and Panel CEO (Steve Bubulj), the launch of a centralised estimating service, a new head office in Bundall, Gold Coast and the commencement of operations in the heavy vehicle repair industry with the aquisition of six businesses across three states. AMA's panel division contributes 86% of the group's revenue.
The company also published the number of locations and increases from 2018, as well as shop types.
|Panel Repair shop location||2019||2018|
|New South Wales||26||18|
|Australian Capital Territory||7||7|
|Total at 30 June 2019||130||109|
|Panel repair shop type
The report stated that AMA has multiple opportunities to continue its growth both by organic and acquisition means and that stated that it would:
- Continue to lead the panel industry consolidation in Australia
- Leveage procurement opportunities
- Progressively execute further greenfield opportunities in the vehicle panel repair division working with its business partners
- Expand its strategic parnership agreements with key customers and suppliers
- Realise the full potential of its team and synergistic opportunities
- 2020 working towards $1bn revenue
- 2021 AMA says it is on-track become an ASX200 company and reach $1bn revenue by FY2021
You can download full report pdfs here.