Craig Burton’s Skye Alba cashes in $25 million of Mader Group holding amid record share market run

WA company promoter Craig Burton has cashed in $25 million of his major holding in Mader Group, taking advantage of the mining fleet maintenance group’s record share market run.

Filings on Tuesday show the Mader director offloaded three million Mader shares last Thursday through Skye Alba Pty Ltd, reducing his stake to 16.2 per cent from 17.7 per cent.

The on-market sale realised $25.2m, or about $8.40 a share. Mr Burton’s remaining stake is worth $280m at Monday’s closing price of $8.48.

Mader shares are up 52 per cent over the past six months, hitting a record $8.68 last Wednesday, on ongoing strong demand for its services from mining companies in Australia and the resumption of growth in the US.

Mr Burton was a major early backer of Luke Mader’s business, which listed on the Australian Securities Exchange in late-2019 after a public float at $1 a share.

Mr Mader, a former diesel mechanic who founded Mader Group from the back of a ute in the Pilbara in 2005, controls 51.8 per cent of the now $1.7 billion group with wife Amy.

The company has expanded from servicing mining fleets to deploying its mechanics, electricians and welders into the energy, marine, maintenance and road transport sectors.

Three weeks ago, Mader handed down another set of record financial results, with management tipping it would finish its current five-year strategic plan by increasing revenue at least 15 per cent to over $1b in the 2026 financial year.

Mader’s net earnings rose 13 per cent in the year to June 30 on revenue of $872.1m. The result supported a final dividend of 4.8¢ a share, making 8.8¢ for the 12 months.