A customer-centric company that provides customers with an effortless experience.
Research Report – Corporate Connect; 14 September 2022
Uncategorized September 27, 2022
FY22 result delivers material step forward.
- SGI recently reported its FY22 results, delivering a record profit and building
on the steady improvement of recent years. The strong result was driven by
organic growth, several recent acquisitions, and associated scale benefits. - Highlights from the result include Group revenue from continuing operations
of $99.6m (+49.3% on pcp), underlying Group EBITDA of $4.9m (+75% on
pcp) and underlying NPAT of $1.2m (+200%). The result was slightly ahead
of our forecasts, with revenue +3.6%, EBITDA +5.9% and NPAT +12.5%. - The acquisitions of United Tools (Mar 2022), Skipper Transport Parts (Aug
2021) and C&L Tool Centre (Dec 2020) contributed to the strong result. They
significantly extend and diversify SGI’s products, target markets, customer/
supplier base, and store/branch network, helping to build competitive
advantage. We expect significant synergy benefits to be realised over time.
Milestones
Key events and data points to track the company’s progress over coming periods include the following;
- Upcoming AGM in November.
- 1H23 result due in February 2023.
- Demonstrated progress with integration of previous acquisitions C&L Tool Centre (Dec 2020), Skipper Transport Parts (Aug 2021), and United Tools (Mar 2022).
- Progressive delivery of expected acquisition synergies, including $34m+ annual revenue synergies and at least $0.5m in costs.
- Successful ramp up of new contracts, boosting revenue by >$18m.
- Progressive margin improvement driven by scale benefits and reaching medium term 8% EBITDA margin target in FY25.
- Declaration of maiden dividend.
View full report here.
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