GUD +14.87%: the auto parts and pumps company traded to 12-month highs today after announcing its FY23 results. Revenue of $1b was in line with expectations but NPAT was a ~4% beat to consensus at $118.7m. The big win was the contribution from APG, a business they acquired in FY22, which showed strong growth in the second half as backlogs in the car industry clear. Supply chain issues that have plagued GUD are also starting to clear which is further supporting margins and cash conversion. The company recently sold their pumps business which has taken some pressure off the balance sheet in the meantime.
MM is neutral GUD
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