MaxiPARTS (MXI) H1 2025 earnings summary

Executive summary

• Revenue increased 22.6% year-over-year to $136.9m for the half-year ended 31 December 2024, driven by acquisitions, organic initiatives, and strong performance from both MaxiPARTS Operations and Förch Australia.

• EBITDA rose 28.6% to $13.7m, with EBITDA margin improving to 10.0% from 9.6% year-over-year.

• Net profit after tax from continuing operations was $4.3m, up from $2.8m year-over-year, with reportable profit rising to $3.8m from $0.4m.

• Resolved historical legal disputes related to the sale of the Trailer Solutions business, 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 available.

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 margin at 10%.

• Net profit after tax from continuing operations was AUD 4.3 million, with NPBT at $6.4m, up 48.6% year-over-year.

• EPS from continuing operations rose to 7.62 cents, up 35.3% year-over-year; total EPS was 6.73 cents.

• 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

• Expects continued challenging market conditions, especially on the East Coast, with Western Australia remaining robust.

• Anticipates ongoing revenue and margin improvement from organic activities, integration of acquisitions, and further investment in Förch Australia.

• Forecasts double-digit revenue growth for Förch and Japanese parts programs in the near to medium term.

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

• No material events subsequent to reporting date, other than the interim dividend declaration.