Investors have been reminded this week that sometimes good really is great.
While some ASX stalwarts like Woolworths Group Ltd (ASX: WOW) and CSL Ltd (ASX: CSL) have seen their share prices wobble on results that fell short of lofty expectations, a couple of quieter small and mid-caps are moving in the opposite direction.
At the time of writing, the Mader Group Ltd (ASX: MAD) share price is back near record highs, while Duratec Ltd (ASX: DUR) share price has surged more than 11% in the past two sessions. Neither company delivered blockbuster surprises in their FY25 earnings, but by meeting guidance and showing steady progress, both have been rewarded with strong share price gains.
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Duratec Ltd (ASX: DUR)
Duratec is an engineering services business specialising in asset protection, remediation, and infrastructure maintenance across defence, mining, oil and gas, and industrial sectors.
For FY25, the company delivered revenue of $573 million, up 3.1% compared to the prior year. Operating earnings (EBITDA) rose to $53 million, an increase of 11.3%. Net profit after tax (NPAT) came in at $22.8 million, up 6.5% year-on-year.
Duratec's Managing Director, Chris Oates, commented on the year ahead:
As we move into FY26, Duratec is well positioned to build on this year's momentum. With a robust financial position, expanding sector presence, and proven expertise in delivering technically complex projects, we are exceptionally well placed to capitalise on the growing demand across all sectors through leveraging our cross-subsidiary synergies.
Mader Group Ltd (ASX: MAD)
Mader is a global provider of specialist technical services across mining, energy, and infrastructure.
The company reported record annual revenue of $872.2 million in FY25, up 13% from the prior year. Operating earnings (EBITDA) lifted 10% to $109.5 million, while NPAT rose 13% to $57.1 million. Net debt was cut sharply to $8.3 million, down from $31.2 million (a 73% reduction) a year earlier.
CEO Justin Nuich said:
With record results of in revenue and in NPAT, this achievement marks a significant milestone for our business as we enter the final year of our five-year strategic plan with growth momentum and encouraging market conditions.
This year's performance underscores the strength and resilience of our teams and business model as we continue our transformation into a diversified, global technical services leader. We have expanded our global presence, broadened our customer base, and built deeper capabilities across more industries and geographies than ever before.
Looking ahead, Mader is guiding for FY26 revenue of at least $1 billion and NPAT of at least $65 million, implying further growth of around 14%.
Foolish takeaway
Duratec and Mader's results may not have grabbed headlines, but in a reporting season where several bigger names have disappointed, steady growth has proven to be a winning formula. Investors appear happy to back these industrials as they keep building on solid foundations and set the stage for more expansion in FY26.
