An NZX-listed integrated automotive financial services group has posted a 13% rise in annual profit after tax, driven by recent acquisitions and growth in automotive retail as well as in its finance and insurance books.
Turners Automotive Group Limited has seen its profit rise to $17.6 million for the year ending March 31, 2017. Its pre-tax earnings were up 14% from the previous year to $24.6 million, slightly ahead of the company’s March 2017 guidance.
Revenue for the year rose 48% to $252.4 million while expenses from ordinary activities increased 53% to $227.8 million.
Its insurance division delivered $13.7 million revenue, up by 49% over the prior year. This excludes the Autosure Insurance business – its contributions will flow starting FY18. Autosure’s acquisition was finalised March 31, 2017.
Its finance division, meanwhile, posted $26.8 million in revenue, a 10% increase, with operating profit of $10.2 million, 4% ahead of last year.
Its other two divisions – automotive retail and debt management services – also performed well. Automotive retail saw a 64% rise in revenue to $193 million and a 54% rise in operating profit to $15.4 million for the year. Its management business, meanwhile, delivered $19.1 million revenue for the year, and operating profit of $26.2 million.
The company will pay out 4.5 cents per share in final quarter dividend, taking full year dividends to 14.5 cents, up from 13 cents the previous year.
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