MaxiPARTS (ASX:MXI) announces full year results

MaxiPARTS (ASX:MXI) announced financial results for the full-year ended 30 June 2022.

The business ended the year with a closing cash balance of $11.9m and a positive net cash/debt position of $1.9m.

Cash received from the sale of the Trailer solutions business and associated properties ($30.5m).

Payment of a 62.5 cent special dividend ($22m).

Renegotiation of the Group's debt facility post the Trailer sale with a net debt reduction of ($7.25m) in the year (new $10m facility in place).

Capital raising to fund the Truckzone acquisition ($23.7m net of fees).

Acquisition of the Truckzone business ($18.3m).

Following the announcement the company?s share price rose 2.752%.