A pretty remarkable result. AHC didn't provide quarterly updates in the 1H24, so if we take the half year result and divide by two, here is our quarterly run-rate of revenue and EBITDA over the year (assuming top of guidance range, remember I'm the eternal optimist!):
1Q24 $11.4m revenue, $1m EBITDA (8.8% margin)
2Q24 $11.4m revenue, $1m EBITDA (8.8% margin)
3Q24 $14.1m revenue, $2.6m EBITDA (18.4% margin)
4Q24 $21.1m revenue, $3.4m EBITDA (16.1% margin)
Bear in mind AHC can be a lumpy business. It is still primarily hardware which drives the revenue swings, and the penetration of software drives the margin. Nonetheless the trajectory is stellar and supported by the growing order book and what early signs appears to show are fantastic strategic acquisitions.
The latest Amentco acquisition only contributed one month the 4Q so the run-rate into FY25 will be even stronger. Fair to say I am very pleased with this update!