MaxiPARTS (MXI) H1 2025 earnings summary

Executive summary

• Operates two divisions: MaxiPARTS (truck/trailer parts) and Förch Australia (workshop consumables, acquired May 2023), both delivering strong revenue and EBITDA growth in HY25, driven by acquisitions and organic initiatives despite a subdued East Coast market.

• Revenue for the half year ended 31 December 2024 was $136.9m, up 22.6% year-over-year.

• Net profit after tax from continuing operations was $4.3m, up from $2.8m, with EPS from continuing operations rising to 7.62 cps.

• Legal dispute related to the 2021 trailer solutions business sale was resolved, resulting in a $2.2m cash inflow and reduced risk.

• Interim fully franked dividend of 3.05 cents per share declared, with a dividend reinvestment plan at nil discount.

Financial highlights

• Revenue for HY25 was AUD 136.9 million, up 22.6% year-over-year; EBITDA reached AUD 13.7 million, up 28.6%, with EBITDA margin at 10%.

• Net profit before tax from continuing operations was $6.4m, up 48.6% year-over-year.

• EPS from continuing operations increased 35.3% to 7.62 cents per share.

• Operating cash flow reached $12.0m, with a cash conversion rate of 88%.

• Interim dividend of 3.05 cps fully franked, up 18.7% year-over-year.

Outlook and guidance

• Continues to operate in a period of heightened unpredictability due to global events and a weaker domestic economy, with East Coast transport activity subdued and increased pricing pressures.

• Western Australia remains robust; trends expected to persist through the second half of FY25.

• Focus remains on organic revenue and margin improvement, balance sheet flexibility, and integration of recent acquisitions.

• Förch Australia expected to maintain double-digit revenue growth and margin expansion.

• All bank covenants were satisfied as at 31 December 2024 and during the period.