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Turners Automotive Group has reported a 28% increase in net profit after tax for the six months ending in September, driven by a continuing strong performance from its insurance business.
Among the key highlights for the firm include a net profit after tax of $12.9 million, a $3.4 million gain from the sale of Wiri holding, a 14% increase in earnings per share to 15.19 cents, and an increase in shareholder equity to $217.3 million.
Turner Automotive’s insurance books, meanwhile, posted a 15% increase in revenue to $25.7 million and a 144% surge in operating profit to $6.4 million – offsetting headwinds in the Auckland automotive retail market. The firm said its insurance business continues to show solid growth following its acquisition of Autosure from Australian insurer Suncorp.
“The building blocks put in place in FY18 have created a simplified and more effective business with common operating and funding platforms,” Turners CEO Todd Hunter noted. “We are continuing to realise the benefits of our integrated business model and are investing into training and development, fintech, product innovation and the customer experience.”
“If October market conditions continue to be the environment we are working in, NPBT could be impacted by 5-10% from our previous guidance range of $34 million to $36 million,” Turners chairman Grant Baker added.
