30/10/2019 - 15:12

Mader Group revenue, profit up

30/10/2019 - 15:12

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Perth-based mining services company Mader Group has recorded annual revenue growth of 46 per cent, to $228.6 million, in its first annual report since listing on the ASX.

Mader Group revenue, profit up
Patrick Conway says the company is focusing on growing its business model in new regions.

Perth-based mining services company Mader Group has recorded annual revenue growth of 46 per cent, to $228.6 million, in its first annual report since listing on the ASX.

Its net profit had also improved from $11.4 million to $14.9 million.

Founded in 2005, Mader supplies mobile and fixed-plant equipment to the Australian mining sector and in some regions overseas, including the US.

Mader said its financial growth was driven by increased demand in regions where it already operated, as well as its expansion into new markets with significant usage of heavy mobile equipment.

It said the addition of supplementary services was also a key contributor to its growth.

Mader chief executive Patrick Conway said the company was focused on growing its business model in new regions.

“We have expanded into new markets and are now servicing about 200 customers in 15 regions across eight countries,” he said.

“We’ve established a leading position in the heavy mobile equipment maintenance services sector across multiple markets for these services.”

The company listed on the ASX earlier this month, where it issued shares at $1 via a $50 million float – the largest Western Australia-based listing since Australian Finance Group and Wellard in 2015.

On its first day, Mader shares were up 14 per cent to close at $1.14.

Its shares are trading at $1.1 per share, as at 4:10pm AEDT.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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