Autosports Group (ASG) H2 2024 earnings summary

Executive summary

• FY24 delivered record revenue, gross profit, EBITDA, and EBIT, with revenue up 11.6% year-over-year to $2,647 million, despite a more competitive market and higher interest costs.

• Net profit after tax declined 7.8% to $61.5 million, impacted by a 68.7% rise in interest costs and negative AASB 16 lease impacts.

• Strong operating cash flow of $119.5 million enabled $40.2 million in dividends and $27.5 million in debt repayment.

• A fully franked final dividend of AUD 0.08 per share was declared, totaling AUD 0.18 for the year.

• Acquisition of Stillwell Motor Group (AUD 345 million annualized revenue) for ~$55 million, expected to complete in October 2024 and add 13% to annualised revenue.

Financial highlights

• Revenue: $2,647 million (AUD 2.6 billion), up 11.6% year-over-year.

• Gross profit: $515 million, up 8.3%.

• EBITDA: $204.5 million, up 6.5% year-over-year.

• Net profit after tax: $61.5 million, down 7.8%.

• Normalised NPBT: $93.1 million (pre-AASB 16: $96 million), down 19.6% year-over-year.

• Interest costs increased 68.7% to $56.8 million.

• Operating cash flow: $119.5 million.

Outlook and guidance

• FY25 outlook remains consistent; new vehicle market expected to stay competitive with ongoing consumer incentives and marketing.

• Stillwell Motor Group acquisition to add ~$260 million to FY25 revenue (October–June).

• Used vehicles, servicing, parts, and collision repair divisions expected to continue growth with stable margins.

• Inventory levels targeted to reduce to 70 days by October 2024.

• Continued focus on luxury-branded acquisitions and organic growth.