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Highlights

  • Amotiv diversified into new markets, products, and customer segments in FY24, leading to a 7.7% revenue growth, reaching AUD 987.20 million
  • Investments in greenfield projects and product development increased underlying EBITDA to AUD 194.6 million
  • Martin Farser transitioned from CFO to Chief Commercial Officer (CCO)
  • For FY25, revenue and EBITDA growth is expected, driven by the repair market and stable vehicle sales, alongside cost reductions in 4WDAT manufacturing

Amotiv Limited (ASX:AOV) is an ASX-listed company, which owns a portfolio of businesses  providing automotive services and products, which address the changing needs of its customers globally. In the financial year 2024 (FY24), the company strategically diversified into new markets, products, customer segments and categories, resulting in organic growth which boosted the revenue by almost 7.7% to AUD 987.20 million.

During the reported period, the company significantly reduced net debt by divesting Davey and by managing capital expenditures and working capital effectively. Additionally, acquisition of Rindab and CES contributed to reduction of net debt.

Investments in greenfield projects and increased spending on product development drove underlying EBITDA to AUD 194.6 million. Meanwhile, statutory NPAT from continuing operations increased by 6.5% YoY to AUD 99.80 million.

In addition to these financial results, the company also announced changes in leadership as part of the planned succession strategy. Martin Farser, who served as the company’s chief financial officer (CFO) for 12 years, will now take on the role of chief commercial officer (CCO), bringing his extensive financial expertise to this new position. The role of CFO will be assumed by Aaron Canning, effective 21 October 2024

Outlook

In FY25, the company expects to see a boost in group revenue and underlying EBITDA on the back of repair market, resilient wear and stable new vehicle sales. Moreover, the company is introducing cost reductions in 4WDAT manufacturing.  

The focus is on margin management with an anticipated capital expenditure of nearly AUD 25 million in FY25.

Share performance of AOV

AOV shares closed 1.228% lower at AUD 10.45 apiece on 30 September 2024 with a market cap of AUD 1.49 billion. In the past one year, AOV’s share price has declined by almost 11.21%, while in the past three months, it has increased by nearly 0.29%.

52-week high of AOV is AUD 12.45, recorded on 30 January 2024, and 52-week low is AUD 9.69, recorded on 10 May 2024.

AOV Daily Technical Chart, Source: EODHD/Others

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 30 September 2024. The reference data in this report has been partly sourced from EODHD/Others.