Research notes
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Research Notes
Market leader on the road to scale
Avada Group
December 19, 2023
Avada Group (AVD) is a founder led, ASX-listed traffic management services company with an extensive network of operations in Australia and New Zealand. A market leader, operating in a highly fragmented industry, AVD has a long-runway of potential accretive M&A opportunities ahead. Through 1Q24, AVD delivered group revenue growth of 30% (vs pcp), which comprised strong inorganic (+17%) and organic (+13%) contributions. In FY23, AVD delivered A$183.3m revenue, A$38.4m gross profit, A$16.1m in underlying EBITDA and A$4.7m NPATA. Within the result, the group noted 7% of LFL revenue growth (ex-acquisitions) and gross margin improvement HoH (~22% in 2H; ~20% in 1H).
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