Industry sources think insurance giant Suncorp is the source of a mystery upfront payment of $10 million that has boosted the embattled company.
says labour markets have failed to recover as anticipated, blaming the coronavirus pandemic, winter flu and staff shortages for a productivity squeeze.
AMA, which has been bleeding money, on Friday also revealed that cash flows had been propped up by upfront payments of almost $10 million for future work., shielding the insurer from big price hikes.The smash repairer posted positive operating quarterly cash flows of $9.7 million for the three months to June, which included $4.4 million payments for earnings targets being met.
The company had $52.2 million in cash and untapped banking lines of $5.6 million. Operating cash flow would be positive in the year, AMA predicted. AMA maintained price negotiations to lift rates with several insurers was ongoing and “during this time, repair volumes at some sites are expected to be impacted”.AMA has also been trying to conserve cash with shop closures and nine more facility closures in the past quarter were listed. Staff have been relocated to new centres.
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