Turners Report Increased Profit
Posted: 28-May-2018 |

Second-hand vehicle sales giant, Turners Automotive Group, lifted its net profit after tax % to $23.4 million – a 33 percent increase - in the 2017-18 financial year.

Profit rose to $23.4 million in the 12 months ended March 31 from $17.6m a year earlier, the Auckland-based company said in a statement. Sales rose to $325m from $249m.

Turners acquired Auckland used car importer and dealer network Buy Right Cars for $15.3m in 2016, with some $6m tied to its performance over two years. The company said in a statement that this was "working out as intended."

"We are pleased to deliver another year of record results and increasing value for our shareholders," says Turners chair Grant Baker. "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…"

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.

Turners' stock rose 3.8 per cent to $3.04 and has declined 10 per cent this year.

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