Collision repairer AMA Group says its first quarter earnings tracked ahead of expectations during a seasonally strong trading period, reflecting new pricing arrangements and improved repair mix. 

Earnings before interest, tax, depreciation and amortisation were $27.3 million, compared with $8.7 million a year earlier, under new accounting standards. 

AMA says if the trend persists or there’s earlier than expected progress on cost saving opportunities, it will revisit the current fiscal year guidance range of $86-96 million. 

First quarter repair volumes were down 4%, reflecting network consolidation and higher severity repairs, but repair revenues were up 19% as a result of repair mix and improved pricing.   

AMA says network optimisation initiatives are underway to transition the Capital Smart model to enable a full spectrum of drivable repairs at the majority of locations, with an aim to delivering operating savings. The network is also increasing the use of non-original equipment manufacturer (OEM) parts to reduce costs. 

The group completed a $55 million equity raising during the quarter and had a $71.4 million closing cash balance at September 30. 

AMA has a search underway for a new CEO to replace Carl Bizon, who will retire from the role at the annual general meeting on November 23, with internal and external candidates part of the selection process.