Strong June quarter lifts Mader

Western Australia-based industrial services firm Mader Group has smashed through its market guidance with a record $172.9 million June quarter revenue across its global operations to end the financial year.

Mader on Tuesday revealed to shareholders a bumper 46 per cent revenue growth for the June quarter, boosting 2023 financial year revenue to $608.8 million.

That boost was led by 139 per cent revenue growth in North America where Mader banked $40.4 million for the June quarter.

The Luke Mader-founded company’s Australian operations grew 31 per cent to $130.5 million for the quarter.

Mader chief executive Justin Nuich said the FY23 figures placed the company in a strong position for the current financial year.

“Across the globe our performance has exceeded expectations, characterised by strong growth in the Australia segment coupled with continued expansion throughout North America,” he said.

“We have achieved outstanding early growth in Canada, with business development and local recruitment efforts performing well above expectations.

“We are now operating in five provinces and territories in the region with about 160 skilled technicians catering to strong customer demand.”

Mader’s FY23 result exceeded market guidance for the year, which was initially pencilled in at $510 million before twice being upgraded to land at $580 million by February.

Strong cash flows allowed Mader to reduce debt 16 per cent to $42.7 million

The company’s quarterly report noted high demand for heavy equipment maintenance in Australia outstripped supply for the year.

In North America, Mader’s foothold in Canada has been bolstered by the migration of 65 expatriates from Australia and New Zealand through the company’s Global Pathways program.

Mader shares were up 3.6 per cent to $6.02 by 10am AWST