Full Year 2024 Bapcor Ltd Earnings Call Transcript
Key Points
- Bapcor Ltd (ASX:BAP) reported a slight revenue growth of 0.8% to $2 billion, despite challenging market conditions.
- The Trade segment, Specialist Networks, and New Zealand business all grew earnings in FY24.
- The company has maintained a strong balance sheet and good operating cash flows, supporting a final dividend of $0.055 per share.
- Positive actions taken in Q4 are expected to deliver savings of $20 million to $30 million in FY25.
- Revenue growth of 7.7% in the first five weeks of FY25 indicates a strong start to the new fiscal year.
- Bapcor Ltd (ASX:BAP) reported a statutory loss of $158.3 million, including $253.1 million post-tax of significant items.
- The Retail segment experienced a 27.4% EBITDA decline due to higher employee and occupancy costs and lower sales from higher-margin discretionary categories.
- Cost inflation, especially in employee and occupancy costs, combined with increased technology costs and interest, negatively impacted NPAT.
- The Better than Before program did not deliver the expected benefits, resulting in an unacceptable profit deleverage.
- The company is undergoing significant restructuring, including reducing headcount by more than 100 people and closing approximately 20% of its warehouses.
Please standby. Good day, and welcome to the Bapcor 2024 full year results conference call. Today's conference is being recorded.
At this time, I would like to turn the conference over to Mark Bernhard, Interim CEO and Managing Director. Please go ahead, sir.
Thanks, Cynthia. Welcome to everyone who's dialed into today's call. As Cynthia said, my name is Mark Bernhard, and I'm the Interim CEO of Bapcor. I'm joined by our CFO, George Saoud, and together we'll be presenting Bapcor's FY24 results.
I'd like to remind everybody that you'll only be able to participate in the Q&A session if you have joined us via the dial-in and not via the webcast.
Now, before getting into the results, I'd like to make a few opening remarks. Firstly, there's no doubt that Bapcor has underperformed recently. The business has grappled with how to optimize value from an organization that was created from multiple acquisitions and which lacked investment and
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