AMA Issues Update, Board Takes 20% Pay Cut

AMA Group has provided a market update on its response to the COVID-19 pandemic and how things have impacted the company, with senior executives and board members agreeing to take a 20 per cent reduction in their remuneration packages from May.

“It is our loyal workforce who are seeing us through this period, and we will be even stronger when we come out the other side,” said Andy Hopkins, CEO of AMA Group. “Our performance for April was better than expected and our net debt position at the end of April remains above our predictions.

“COVID-19 has brought positive changes and opportunities for our business. The consolidation of some sites will create a more efficient infrastructure for the future when volumes return, and in the coming months we expect to see an increase in potential acquisition opportunities.

“Most importantly, vehicles are returning to pre-COVID-19 levels, which will drive more demand through our business due to a likely slower transition to people making use of public transport.”

The company says that while its net debt position at the end of April is tracking better than it had originally forecast, volumes for May and June are likely to still be affected across its business and it will continue to closely monitor cost impacts which could result in even more downscaling of sites and their workforces.