Bapcor, a leading provider of vehicle parts, accessories, equipment, service and solutions, has announced a statutory loss of $104.8 million. The loss was significantly impacted by $110.3 million in significant items, including asset impairments in New Zealand and restructuring costs. Bapcor operates across the automotive aftermarket, serving trade, retail, and wholesale customers. The company has a wide network of stores, workshops, and distribution centres across Australia, New Zealand, and Asia.
Revenue for the half-year period saw a decline of 2.3 per cent, falling to $973 million. The underlying net profit for the same period was $5.5 million, which aligns with the company’s prior guidance. In response to the financial results, Bapcor’s board has decided against declaring an interim dividend.
Instead, the board has initiated a fully underwritten equity raising of $200 million. The purpose of this capital injection is to fortify the company’s balance sheet. The company expects underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the financial year 2026 to be in the range of $150 million to $160 million post-AASB16.
Bapcor anticipates that its pro forma leverage will decrease to a range of 1.2 to 1.5 times by June. The equity raising is aimed at providing the company with greater financial flexibility and supporting its long-term strategic objectives.
