AMA Group Limited (ASX: AMA) Holds 2024 Annual General Meeting
Chair and CEO Addresses
AMA Group Limited (ASX: AMA) has reported significant progress during its 2024 Annual General Meeting (AGM). Brian Austin, Chair of AMA Group, acknowledged the trust shareholders have placed in the management during a challenging year. He thanked shareholders for their support during a $125 million equity raise, which has strengthened the company’s balance sheet and assured funding for future growth.
Mathew Cooper, Group CEO, highlighted a 7.8% increase in revenues for FY24, amounting to $894.8 million. He noted a remarkable 125.1% rise in pre-AASB16 EBITDA to $49 million. This operational improvement reinforces the company’s focus on profitable growth moving forward. “We are positioned to focus on future growth opportunities,” said Cooper.
The company has also implemented changes to streamline its operations. Capital Smart exceeded expectations, supported by a reset of pricing and scope criteria under the Suncorp contract. The AMA Collision network is improving capacity and customer service despite past liquidity challenges. Cooper indicated that the divestment process for ACM Parts is expected to conclude shortly.
Future Outlook and Shareholder Engagement
AMA Group aims to continue enhancing relationships with insurance customers and improving service delivery. Cooper expressed optimism regarding FY25, stating that pre-AASB16 EBITDA would exceed FY24 figures. Current trading in Q1FY25 is in line with these expectations, with early positive performance noted in several of its business units.
During the AGM, shareholders voted overwhelmingly in favour of key resolutions. The adoption of the remuneration report, along with the election of Directors, received approval rates exceeding 99%. Notably, the renewal of the AMA Performance Rights Share Plan also garnered strong support, indicating confidence in the company’s leadership and strategic direction.
The AGM concluded with expressions of gratitude for shareholder support and an emphasis on the commitment to profitable growth and operational excellence.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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