Australian mining equipment and plant maintenance company Mader Group has lifted its FY23 profit and revenue guidance on the back of a record first quarter and what it sees as robust market demand in North America and its domestic patch.
The company raised full-year net profit after tax (NPAT) guidance to A$35.5 million, from $33m previously, on adjusted revenue of $550m ($510m).
Q1 revenue was $135.5m, up 48% on the same time last year, bolstered by a 34% year-on-year increase in Australia to $106.6m, and 202% yoy uplift in North America to $26.3m. “Rest of World” chimed in with $2.4m of FY23 Q1 sales.
Management said demand for mechanical services, ancillary service lines and infrastructure maintenance was strong in Australia. “An expanded customer base saw the United States increase the volume of work delivered,” the company said.
“Our North American operations have gone from strength-to-strength,” CEO Justin Nuich said.
“A particular highlight for the quarter has been our impressive growth in Canada, which was largely supported by improved international workforce mobility, allowing us to mobilise employees to the region through our unparalleled Global Pathways Initiative. This program is one of a kind and currently unmatched within the industry … opening up meaningful opportunities for our employees and providing them access to a variety of roles around the globe.”
Mader posted FY22 NPAT of $26m on $402.1m revenue, up by about a third on the previous 12 months.
The ASX-listed company’s share price is up nearly 40% in 2022, capitalising the company at $688m.