Key insights from AMA Group's AGM

AMA Group (ASX:AMA) held its 2024 Annual General Meeting on November 21, 2024, allowing both in-person and virtual attendance. Key addresses were given by Brian Austin, Chair, and Mathew Cooper, Group CEO, focusing on progress and strategy.

Comprehensive overview of AMA Group's strategic outlook

At the 2024 Annual General Meeting, AMA Group highlighted its financial successes and strategic moves. The Group reported a significant increase in EBITDA and revenue, bolstered by a $125 million equity raise. The decision to sell ACM Parts will allow a sharper focus on collision repair. Operational improvements include staff expansion and reduced turnover, with notable performances from Capital Smart and the Wales Heavy Vehicle Repair business. Growth opportunities are being pursued in collision capacity and insurance relationships. Board restructuring reflects a focus on cost-efficiency, with new directors appointed. The company anticipates continued growth in FY25, aiming to improve operational efficiency and strategic partnerships.

Executive insights from AMA Group's leaders

The AMA Group has made significant progress in FY24, achieving a 125.1% increase in normalised pre-AASB16 EBITDA compared to the previous year, and a 7.8% increase in revenue reaching $894.8 million. Our strategic decision to raise $125 million through equity has strengthened our balance sheet. The decision to sell ACM Parts allows us to focus more on collision repair, which is our core business. With the expansion of our team by 146 members and a reduction in turnover by 8.4 percentage points, we are in a strong position. Capital Smart has exceeded expectations, and we have seen strong performance in our Wales Heavy Vehicle Repair business. Our specialist businesses are also growing, with Techright offering ADAS calibration solutions. We are focused on improving capacity, efficiency, and customer service in AMA Collision to strengthen our position. Our leaner board structure and new director appointments reflect our commitment to a cost-conscious culture. We are optimistic about FY25, expecting pre-AASB16 EBITDA to surpass FY24 performance.