Collision repairer AMA Group has reported a full-year net loss of $6.8 million, improving from a $146.8 million deficit after board and senior management changes and actions to turn around the business.

Based on continuing operations, revenues rose 7.8% from the previous year to $894.8 million, while the net loss was $2.4 million.

“The recent years have been difficult, and the organisation has taken some very tough decisions to provide a foundation from which the business can now prosper,” CEO Mathew Cooper says in the annual report.

“With my appointment, we have adjusted our approach to more humble engagement with our customers, putting their needs first and seeking to solve their problems through exceptional service.”

Mr Cooper took the CEO role last December while Brian Austin has become chairman amid a board overhaul.

AMA Collision, which has completed a network rationalisation, reported normalised earnings before interest, tax, depreciation and amortisation (EBITDA) of $8.9 million, down by $6.3 million from a year earlier. The company says the unit was the most affected by cash constraints, leading to a loss of volume and team members early last financial year, and more work is required to improve performance.

The Capital Smart business, which focuses on repairs to passenger vehicles that are still drivable, was ahead of expectations, boosted by an efficiency project and a July 2023 pricing reset that followed a three-year standstill.  

Division revenue rose to $464.5 million, with normalised EBITDA rising by $43.7 million to $47.8 million.

The Wales heavy vehicle business reported improved earnings, while the specialist businesses unit, which includes prestige vehicles, was weaker.

AMA Group has previously announced it is selling the ACM Parts business, which reported revenue of $84.8 million and a normalised EBITDA loss of $3.7 million. The sale is expected to be concluded this calendar year.

The company recently completed a $125 million equity raising and senior debt facilities are now due to mature on December 31 next year, extended from October this year.

“Resetting the balance sheet will support the confidence of our customers, our team and our suppliers and provides us adequate headroom and balance sheet flexibility to focus on achieving our core growth initiatives,” Mr Cooper says. 

The company expects normalised pre-AASB16 EBITDA this financial year to be above the 2023-24 result.

Mr Austin says AMA Group operates in an essential industry and the results show the resilience of its business.

“Vehicle numbers are expected to increase, kilometres travelled are returning to pre-covid levels, claim frequency is stabilising and claim size is growing,” he says in the annual report.