Mader Group (ASX: MAD) is pleased to release a Preliminary Financial Report that reflects a strong financial performance despite the onset of COVID-19.
The Group’s revenue grew 20% to $274 million in FY20, up from $228.6 million in FY19. Mader also saw year-on-year underlying earnings growth of 29.8%. Accordingly, the Board were pleased to declare an FY2020 final dividend payment to shareholders of A$0.015 per share (1.5 cents) fully franked.
Mader also reported a significant reduction in net debt to $18.5 million at 30 June 2020 (31 December 2019: $29.1m), notwithstanding the payment of the interim dividend of $3m during that period.
Mader Chief Executive, Patrick Conway, praised the workforce for their combined efforts in what was an unprecedented financial year.
“Our business model is to provide skilled tradespeople on flexible terms, primarily to support mobile equipment maintenance. This year tested the degree of flexibility we can work to. You only know how good your team is when you’re presented with challenges, and this year our team moved more people than ever, with more flexibility than ever,” said Mr Conway.
“We delivered services to 200 customers across 11 countries and are proud of how well our team has pulled together in the face of COVID-19. It’s a testament to agility and dedication of our workforce and I look forward to seeing what we can achieve in FY2021.”
In the year ahead, Mader expects continued growth, particularly in Western Australia from iron-ore and gold mining customers and the USA which continues to ramp up.