Revenue for the full year increased 50% to $835.5 million, largely driven by acquisitions. Organic revenue increased 7.8% on the prior year, a pleasing result given the COVID impacts experienced throughout the year, in addition to cycling strong COVID-19 recovery sales achieved in FY21.
APG
The acquisition of AutoPacific Group (APG) was announced at the end of the first half. The combination of APG and GUD’s existing brands creates the second largest 4WD accessories and trailering business in Australia and New Zealand. APG commands strong market share in towing across Original Equipment Manufacturer (OEM), Original Equipment Supplier (OES), and aftermarket channels. It has three other pillars to the business with functional accessories, trailering, and cargo management—offering exciting growth opportunities for the mid and long term. The integration has progressed ahead of schedule; however, the business results have been constrained during our first six months of ownership.
Refer to the full Appendix 4E and Financial Results for more information.