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Highlights

  • ASG’s revenue increased by 11.81% YoY in FY24, driven by new and used vehicle sales.
  • In FY24, NPAT fell 7.66% YoY due to rising interest costs.
  • The company focuses on luxury brands, operational efficiency, and dealership expansion.

Autosports Group Limited (ASX: ASG), dealing in the sale of new and used motor vehicles, reported an  11.81% year-on-year (YoY) growth in revenue in the financial year 2024 (FY2024), reaching AUD 2.65 million. During the reported period, new vehicle revenue increased by almost 9% YoY, supported by enhanced consumer offerings, supply and full year cycling of FY23 acquiistion. EBITDA in FY24 stood at AUD 204.5 million, reflecting a 6.5% YoY increase.

The period saw increase in number of stores to 64 from 57 in FY23.

However, during the reported  period, NPAT declined by 7.66% YoY to AUD 61.5 million, attributed to higher interest expenses of AUD 56.8 million.

Increasing interest of directors in ASG

Through an ASX announcemnet, dated 18 December 2024, changes were reported in directors’ interests, with Ian Paget and Nicholas Paget acquiring a combined 100,000 ordinary shares in the company.

Notably, the top 10 shareholders of ASG have around 68.92% shareholding in the company. JIP Parramatta Pty. Ltd. holds the maximum stake in the firm with 11.69% of shareholding, followed by Sastempo Pty. Ltd. with 10.95% of the shareholding.  

Outlook

Looking ahead, Autosports Group anticipates a normalised NPBT of approximately AUD 28 million for 1HFY25, backed by luxury brand sales and operational enhancements. The company is focused on its luxury strategy. In line with this, ASG acquired Stillwell Motor Group. This transaction assisted in the expansion of its representation of premium brands in Victoria.

Additionally, plans are in place to launch a state-of-the-art Volkswagen dealership in Brisbane in early 2025, focusing on operational efficiency and customer-centric growth. Throughouot FY25, the key priority will be to leverage current resources to drive growth.

Share performance of ASG

ASG shares closed 1.16% higher at AUD 1.74 per share on 31 December 2024. Over the past year, ASG’s share price has dropped by almost 25.64%, and in the last three months, it has declined by nearly 21.62%.

52-week high of ASG is AUD 2.77, recorded on 2 April 2024 and 52-week low is AUD 1.70, recorded on 20 December 2024.

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 31 December 2024. The reference data in this report has been partly sourced from EODHD/Others.