Turners Automotive Group lifted its net profit after tax by an impressive 33% to $23.4 million in the 2017-18 financial year.
Overall revenue was also up 31% to $330.5m, positively impacted by both the Buy Right Cars and Autosure acquisitions, and growth in the business.
“We are pleased to deliver another year of record results and increasing value for our shareholders. Kiwis love their cars…and we expect the demand for second hand vehicles to continue, whether that be today’s internal combustion engines or the electric vehicles of the future,” Turners chairman Grant Baker says.
Turners is broken down into three divisions – Automotive Retail, Finance and Insurance, and Debt Management Services, which has its advantages, Baker says.
“Going forward, we will continue to build on the strength of our existing businesses, offering more products and services to more customers across more channels. Our company is well funded and well positioned to continue growing, cementing our unique position as an integrated automotive group and delivering increasing value for our shareholders.”
The board has declared a final quarter fully imputed dividend of 5 cents per share, taking full year dividends to 15.5 cents per share, up from 14.5 cents in the 2016-17 financial year.
