The company presented a solid set of figures for the 2023 financial year. Revenue was up 51% to A$608.8 million, year-on-year. Earnings before interest, tax, depreciation and amortisation was up 57% to $75.1 million. Net profit after tax rose 48% from $26.7 million in FY22 to $38.5 million in FY23.
However, net debt was up too, 60% in fact, from $26.7 million in FY22 to $42.7 million in FY23.
Mader executive director and chief executive officer Justin Nuich told an analysts' call that net debt growth was understandable, given the significant growth the company had enjoyed.
Asset finance for the service vehicles its technicians use was part of that growth. The company has more than 1100 services vehicles deployed across several continents.
During the call, Nuich referred to Mader's "adventure-seeking" culture several times. Indeed, part of the company's employee retention program is a program called Three Gears that provides adventure travel options to workers.
The adventure is not over either with Nuich saying the company's financial target for FY26 is $1 billion in revenue.
Revenue guidance for FY24 is at least $770 million with an NPAT of at least $50 million.
There is little doubt Australia still makes up the lion's share of Mader's business, bringing in $468.5 million in revenue this year, an increase of 37% over the prior year.
Operations in its North America segment contributed $132.2 million.
That revenue was up 164% from FY22 though, thanks largely to the contribution of the Canadian operation that started at the beginning of FY23.
In the US Mader technicians delivered services across 32 states.
There was rapid growth in Canada with a team of about 160 technicians servicing customers in Alberta, British Columbia, North West Territories, Nunavut and Ontario. Headcount growth exceeded expectations thanks to a combination of local recruitment and Mader's Global Pathways program sending 65 Australian and New Zealand expatriates to the region.
However, while the revenue grew, the margin from the North America business slipped a little due to dilution from that Canadian operation.
The North America segment's contribution to Mader's overall business has grown though. In FY23 it provided 22% of revenue, up from the 12% it produced in FY22.
The rest of the world segment, which operates in five countries across Asia and Africa, did not go so well. It's FY23 revenue was $8.1 million, down 20% from FY22.
Nuich said overseas work was seen as an essential way to attract and keep talent and the Rest of the World operations provided exciting and often challenging roles.
Global expansion has long been part of Mader's plan. However, COVID-19 put a major spanner in those works. With the travel restrictions long gone, that part of the plan is starting to come together.
So too is the diversification into other areas.
Nuich pointed to the benefit the move into the oil and gas sector had brought with its servicing of natural gas infrastructure.
He said in the North American market Mader's main competitors were the original equipment manufacturers.
When asked what Mader offered that they did not, Nuich's answer was "flexibility".
The OEMs are usually constrained to a particular state or province and to one brand of equipment.
"We're equipment agnostic and can bring specialist labour from anywhere," Nuich said.
In Australia the competitor pool is larger. There are the OEMs, along with smaller contractors operating similar models to Mader's and the customers themselves.
Mader listed on the ASX in 2019 after raising $50 million at $1 per share.
Yesterday, it's shares hit an all-time high of $7.39 and closed at $7.31, giving it a market capitalisation of $1.3 billion.
The stock has doubled since the start of this year.
