Turners Automotive Group has today announced an $18.5 million profit after tax for the six-month period ended in September 2023.
The result is an 8 per cent increase compared to the previous financial year’s half-year profit after tax result of $17.1 million.
Revenue for the first half of FY24 was $214.2 million, a 16 per cent increase on the first half of FY23.
As for earnings before interest and tax (EBIT), Turners recorded a figure of $30.2 million.
A good chunk of this year’s revenue came from the automotive side of the business, which was 20 per cent higher at $156.1 million.
It’s a strong result when you consider that the used car market is currently facing a number of challenges, something that chief executive Todd Hunter says puts Turners in a good position for when the market improves.
“With the NZ used car market growing 6 percent year to date, Turners has grown market share and volumes to produce a stand-out result,” added Hunter.
“Meanwhile, the number of dealers in the market is down 18 per cent from the 2017 peak. As market conditions stabilise, we are well placed to continue our strong growth underpinned by our network expansion as well as our agile sourcing strategy that is driving additional sales.”
He also mentioned that the company is supporting emissions reductions by focussing on importing and selling low-emitting vehicles. Between 2019 and 2023, Turners has achieved a 39 per cent reduction in emissions from cars it has imported.
Looking ahead, Turners Automotive Group expects to record a stronger full-year result than the record year prior.