Adrad Holdings Limited

ASX:AHL

Adrad Holdings Limited

ASX:AHL
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$1.040 (+4%)
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#31
Rank
29
Held by
44
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Reports (5) My Report Forum Investors
Forum Topics AHL AHL AGM notes

Pinned straw:
Strawman
Added a month ago

Not much new in the AGM material today. Paul Proctor’s now properly in the CEO seat with a focus on tightening operations and lifting profitability -- which is pretty much the core of the investment thesis for me. Let's see if he can deliver..

They’re continuing the SE Asia push with low-cost prototypes in testing and building out data centre exposure, which is a really interesting space right now. The order book’s grown and capacity’s doubled, so keen to see how that plays out. The new Alu-Fin line’s in field testing, with mining validation trials pencilled in for 2H FY26. Also worth noting they picked up Caterpillar’s Supplier Excellence award again (second year running!).

On the distribution side, they’ve launched a GPS delivery tracking app, the e-catalogue revamp kicks off in 2H FY25, and the pricing analytics plus freight recovery work seem to be helping margins. They’ve wrapped up the NZ exit and are planning new branch openings in FY26.

Overall tone was upbeat.. strong order book, steady demand from data centres and remote power, and early Q1 FY26 trading apparently backing further profit growth.

[Held]
jcmleng
Added a month ago

Discl: Held IRL 2.33% and in SM

Thanks @Strawman , I still have not fully learnt the lesson to read the ENTIRE document, and so missed Paul's comments completely ... but agree with you, with a few thoughts to add:

1. The Data Centre exposure was one of the attractions of AHL as an indirect pick & shovels play on "AI", minus the huge AI-related capital intensive exposure. That part of the thesis is playing out nicely for me.

2. AluFin was also in the mix, but always a "further out" revenue growth item. Winning Caterpillar's Supplier Excellence Award means that AHL is being kept honest on this front, a good thing.

3. I really need to see the CEO position stabilise to increase my confidence - will be looking to see if Paul Procter is still in the building this time next year. If he is, then happy days. If he exits prior, something is likely to be really wrong with the Founder Owners. Am much more comfortable with my portfolio allocation now having lightened up a few months back to adjust the risk of this CEO/Director revolving door. But if there is another CEO or Director exit, I would really need to re-consider the whole position, I suspect.

Otherwise, onwards and upwards it would appear!

17
lowway
Added a month ago

Thanks for the summaries and comments @Strawman & @jcmleng, I haven't been able to do any personal review of this info today, but appreciate the your comments and views.

Held IRL & SM and happy to ride this long-term as long as managent and strategy remains steady and focused.

Small hit on the SP today, but based on the tiny volume, it's pretty irrelevant and surely not ian indictment of the AGM info.

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