Mine maintenance service provider Mader Group says continuing strong growth in Australia and North America has helped it post a tenth consecutive quarter of revenue expansion. The company says market conditions remain favourable.
ASX-listed Mader, which has seen a jump of nearly 20% in its share price this year and more than 50% in the past six months, booked December quarter revenue of A$145 million, including $31.1m from North America and $111.8m in Australia. The Q2 total was up 54% year-on-year, while Australia was 39% higher yoy and North America surged by 194%.
“Growth continued throughout the United States with additional technicians engaged to service new and existing clients,” Mader said.
“Expansion into Canada outperformed expectations with active technicians of circa-100 at the end of Q2 FY23.”
Mader’s group headcount topped 2500 for the first time in the period.
Net debt rose from $24.2m at the end of June last year to $50.9m at the start of this year on the back of capital investment in organic expansion.
Mader’s current market capitalisation is about $874m.