Turners Auctions has reported a 2012 half year net profit, after tax, of $1.9 million – 19% ahead of the same period last year.
Chief executive officer, Graham Roberts says the positive result reflects a return to normal trading conditions in Christchurch, after earthquake disruption last year – plus a solid performance for the Turners fleet business and sound growth in damaged vehicles.
“Revenue growth can largely be attributed to significantly improved sales in the Turners Fleet division (selling cars owned by Turners) of the business, driven by increased local sourcing through the Turners CashNow product,” says Roberts.
This has been supported by growth in the ‘damaged vehicles’ segment, resulting from new customer wins,” says Graham Roberts.
“Turners’ finance ledger has grown to $20.1 million since June 2011, an increase of 4%. This growth, and a reduction in bad and doubtful debts, has resulted in continued growth in operating profit from this part of the business.”
Total revenue for the period was $37.1 million, an increase of 6%.
“This positive result and Turners’ cash position has led the company to declare a dividend of seven cents per share from first half operating activities, which will be payable on September 20. The full year result forecast will range between $3.8 million and $4.1 million,” says Graham Roberts.
On the back of continued growth Turners will invest in new technology, including a new operating system, investment in business intelligence and a new website, which is scheduled for deployment in the fourth quarter.
