Mader expects growth to continue

Staff reporter

Mader Group has confirmed its robust FY24 growth outlook on the back of a 51% year-on-year increase in FY23 revenue to A$608.8 million and 48% rise in net profit after tax (NPAT) to $38.5m.

FY23 EBITDA was up 56% yoy at $75.1m, while EBITDA margins improved from 11.9% to 12.3%.

The Australian and North American mining equipment maintenance services group is guiding for FY24 NPAT of “at least” $50m on revenue of $770m or more.

CEO Justin Nuich said Mader was currently providing services in eight countries to more than 380 customers at over 530 locations.

“Our 2900-plus [workforce] delivered more hours of specialist technical services than ever before,” he said.

“Heading into FY24, we are poised to further penetrate large addressable markets, driven by our culture-led business model and dedicated team. The key to future growth and long-term sustainability of our business lies in diversified operations, which will generate compounding returns for shareholders.

“We take pride in our impressive track record, having achieved a [circa] 30% yoy growth rate for the last 10-plus years and we anticipate this momentum to continue into the future.”

ASX-listed Mader has surged 30% in the past month and has more than doubled in 2023, capitalising the company at about $1.5 billion.


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