Full Year 2024 AMA Group Ltd Earnings Call Transcript
Key Points
- AMA Group Ltd (ASX:AMA) reported a 7.8% increase in group revenue, reaching $895 million.
- Normalised FY24 pre-AASB-16 EBITDA increased by 125.1% to $49 million.
- Capital SMART performed ahead of expectations, delivering over $20 million in annualised pre-AASB 16 EBITDA benefits.
- Operating cash flow after lease costs was positive at $10.5 million, an improvement of $24.9 million from FY23.
- The company successfully completed a recapitalisation in August 2024, providing funding certainty for future growth.
- AMA Collision's revenue fell slightly, and its normalised FY24 pre-AASB16 EBITDA decreased by $6.3 million compared to FY23.
- The company faced operational disruptions in AMA Prestige due to site relocations.
- Higher auction prices and lower scrap commodity prices negatively impacted reclaimed margins in the ACM parts business.
- The company has a significant net debt position of $143.9 million, including convertible notes.
- Ongoing negotiations with insurers around contracts indicate potential volatility in commercial terms.
Good morning, everyone. Thank you for taking the time to join us for this presentation of the AMA Group FY24 full year results. For those of you joining us via webcast, you should be able to view the presentation on your screen. If you are joining us via teleconference, you should have access to our investor presentation via the ASX web platform or our company website.
I'll begin today's presentation with a business update along with details about portfolio business results. I will then hand over to our CFO, Geoff Trumbull, who will take you through the group financials. I'll then return to cover the outlook. We will be taking questions through the webcast facility today. You can submit these questions at any time during the presentation and we'll address them at the end.
Let's begin on slide four. AMA Group continues to have positive growth trajectory and a strong operating performance in FY24. We are a people business and have continued to focus on growing and retaining our team. We increased 146 team members in FY24 and
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