Amcomri (AMCO) H2 2024 earnings summary

Executive summary

• Revenue increased 23.4% to £58.1 million for 2024, with a compound annual growth rate of nearly 40% from 2021 to 2024.

• Gross margin improved by over 4% to 36.4% year-over-year, reflecting focus on higher-margin streams and operational improvements.

• Adjusted EBITDA rose 33.3% to £7.7 million, with net profit after tax (excluding exceptionals) up over 40% compared to last year.

• IPO completed, raising £10.8 million net and strengthening the balance sheet with significant cash reserves.

• Confident start to 2025, with trading in line with expectations and a robust acquisition pipeline.

Financial highlights

• Revenue up £11.1 million year-over-year, reaching £58.1 million in 2024, driven by acquisitions.

• Gross profit margin at 36.4%, up over 4% from prior year.

• Adjusted EBITDA up 33% to £7.7 million, demonstrating strong core operations.

• Net profit after tax (excluding exceptionals) up over 40% year-over-year.

• Organic earnings growth of 11.3% since 2023.

Outlook and guidance

• FY25 has started in line with expectations, with strong market positioning and diversified service offering.

• Focus on organic growth initiatives and continued acquisitions, targeting 2-3 acquisitions per year.

• No immediate plans for dividends; priority remains reinvestment and scaling the business.

• Multiple organic earnings improvement projects underway in both divisions.

• Healthy and strategically aligned acquisition pipeline supports future growth.