Gold Coast smash repairs company AMA Group reveals when it will release its half-year results

Gold Coast-based smash repair group AMA is set to unveil its half-year results.

BUNDALL listed smash repair company AMA Group will unveil its half-year results via a webinar later this month.

Australia’s largest smash repair group, which boasts contracts with major insurers, was planning to reach $1 billion in 2021 after reporting a net loss of $62.12 million in 2020 compared to a $21.7 million profit for FY19.

In a statement to the ASX, it said it would report its results for the six months to December 31 on February 24.

The group reported a net loss of $12.27 million for the same period last year.

EARLIER: FEBRUARY 5

AFTER a week of drama that saw Gold Coast-based listed smash repair company AMA Group pursue its CEO for $1 million, a surprise buyer has seen value in the group’s shares.

In a statement to the ASX, AMA revealed The Royal Bank of Canada had become a substantial shareholder, picking up 38.76 million shares on Wednesday.

At Friday’s closing share price of 72c, the holding was worth around $27.9 million and gave the bank a 5.22 per cent interest in the Bundall-based company.

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EARLIER: FEBRUARY 3

THE ex-CEO of Australia’s largest smash repair firm has left the company’s board, days after vowing he’d stay.

A final director’s interest lodged with ASIC revealed Andrew Hopkins held 40.8 million shares in AMA Group when he left on Tuesday.

The company was trading around 67.5c on Wednesday morning, putting the value of his holding around $27.5 million.

AMA on Monday said it had begun “formal proceedings” to recover $1 million from Mr Hopkins following an investigation by advisory firm McGrath Nicol.

Mr Hopkins has “categorically denied” allegations made my an unknown person which lead to him resigning from the $900,000 a year job.

AMA has appointed non-executive director Carl Bizon as Mr Hopkins’ replacement.

Former AMA Group managing director and CEO Andrew Hopkins. Photo: Supplied

EARLIER: FEBRUARY 1

AMA Group will seek to recover $1 million from ex-CEO Andrew Hopkins following an investigation into his alleged misuse of expenses and bonuses.

It follows Mr Hopkins on Sunday evening announcing he had resigned from the Bundall-based company after winning a court bid to keep his job.

Mr Hopkins says he “categorically” denies the allegations.

Mr Hopkins, through a PR agency, said he would stay on as a director.

On Monday AMA said under his contract Mr Hopkins is required to resign from the board, saying it expects to receive notice of his resignation immediately.

“Mr Hopkins resignation follows an independent investigation into his conduct by McGrath Nicol. The Company has begun a formal process to recover a sum approximately $1 million,” AMA said.

The company said it has chosen Carl Bizon to replace Mr Hopkins as CEO.

Mr Bizon has been a non-executive director of AMA since February, 2019.

His salary will be $900,000 per year inclusive of superannuation.

EARLIER: JANUARY 31

THE boss of Australia’s largest smash repair firm, AMA Group, has resigned from the company a week after winning a court bid to keep his job.

Shares in Bundall-based AMA dived after it revealed group chief executive Andrew Hopkins had been investigated over unspecified allegations.

AMA engaged restructuring and advisory firm McGrath Nicol for a forensic investigation of the claims.

In the evening of 26 January 2021, Mr Hopkins made an urgent application to the Federal Court of Australia alleging that he is being oppressed as a minority shareholder.

AMA Group managing director and CEO Andrew Hopkins. Photo: Supplied

A statement from Mr Hopkins, sent through a PR agency late on Sunday, said his resignation as CEO was effective immediately but that he’d stay on as a director.

“Regrettably, it is now apparent to me that the current litigation is becoming a distraction to the business and operations of the AMA Group,” the statement said.

“I now believe that it is best that I resign from my position as Group CEO in order to protect the AMA Group shareholders, employees and customers.

“While I categorically deny the allegations against me, I cannot allow this dispute to impact the operations of the company I have been involved in leading since 2015, in an industry I have worked in for 30 years.

Andrew Hopkins resigned as CEO. Photo: Supplied

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“My resignation as Group CEO is effective immediately. However, I will continue to serve the AMA Group and its shareholders as a member of the board of directors.”

Shares in AMA closed at 64.5c on Friday after plunging as low as 55c on Wednesday.

“It has been an absolute privilege to lead the AMA Group,” Mr Hopkins’s statement said.

“I leave the position of Group CEO knowing that the AMA Group has grown to become Australia’s largest crash repair firm with 180 stores across the country.

“I have been fortunate to be part of the AMA Group, a business that has flourished as a result of the strong commitment and effort of my 3500 team members. In particular, my divisional chief executive officers have been outstanding and I am very grateful for their support and loyalty.

“I am proud of the way we have managed the AMA Group through the difficult period of 2020 and continued to deliver exceptional service for our customers, despite the challenges we and the Australian community have faced.

“I once again thank my team, shareholders and customers for their support.”