Key points
- Pro-forma revenue up 0.3% to $987.8M
- Pro-forma EBITDA down 7.2% to $132.5M
- Pro-forma NPAT down 15.2% to $45.5M
Full summary
Bapcor Limited has released its Appendix 4D and Half Year Financial Report for the half-year ended 31 December 2024 (H1 FY25). The company reported statutory revenue of $1,012.4M, down 0.5% on H1 FY24. After adjusting for the sale of the MTQ business and other businesses held for sale, pro-forma revenue was $987.8M, up 0.3% on H1 FY24. The Trade and Specialist Wholesale segments delivered revenue growth, partially offset by declines in the Retail and New Zealand segments. Pro-forma EBITDA decreased 7.2% to $132.5M, while pro-forma NPAT declined 15.2% to $45.5M. The company undertook several key management actions during H1 FY25 to reduce complexity and simplify the business, which are expected to deliver $20-30M in savings in FY25. Bapcor's pro-forma net debt at 31 December 2024 was $304.5M, representing a leverage ratio of 1.65x. The company also announced changes to its Board and management, including the appointment of Angus McKay as Executive Chair and CEO.
Guidance
Bapcor expects to deliver $20-30M in cost savings in FY25 from its management actions to reduce complexity and simplify the business.