New Zealand automotive retail, finance, insurance and credit company Turners is set to beat its record profit in 2023.
The group has experienced ongoing strength in terms of trading over the summer months in its retail division with overall FY23 profits expected to come in at $44 million before tax, just above its record FY22 profit of $43.1 million.
NZX reports that there was no significant change in market dynamics in Q4 of the current financial year compared to Q3.
The automotive retail division continued to see car sales hold up well with market share growing across new and existing sites.
As for finance, NZX states: “The impact of a higher interest rate environment is increasing, the expected deterioration in arrears occurred over December and January, however the loan book is stable and arrears improved in February.”
Claims continued to track below expectations and investment returns improved with regard to Turners’ insurance sector while the credit division reports that debt load is recovering, albeit more slowly than expected.
Turners reports that its Damaged and End of Life Vehicle Division operational teams in Auckland and Hawke’s Bay are busy supporting our insurance vendors to de-register and sell these insurance write-offs for parts and recycling.