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24 February 2012

Turners Auctions today announced a 2011 net profit after tax of $3.7 million, up 22 percent. Revenue was $75 million, up seven percent.

There has been sound growth in revenues within the auction business, despite the challenging nature of the used car business. The overall used car market was down one percent on 2010.

"Our Truck and Commercial operation has been a growing area of investment and development over the past few years, and it's now delivering strong growth," says Turners’ Chief Executive Officer, Graham Roberts.

"We've been successful in acquiring new major customers throughout the year and saw an increase in business as Christchurch retailers looked to recover what they could from earthquake-damaged stock."

A change in Turners Fleet strategy, buying domestically to support the decline in Japan imported vehicles, has seen the fleet business perform well.

Turners Finance also delivered strong profitable growth over the year through increased add-on sales on insurance products combined with tight credit control.

“Given the strong balance sheet and cash position of the business the company has declared a final dividend of 6 cents per share, making the total dividend for the year 17 cents per share," says Mr Roberts.

Results summary:
• Revenue $75 million, up 7 percent
• Net profit after tax $3.7 million, up 22 percent
• Final dividend payment 6 cps
• Total dividend for the year 17 cps

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About Turners
Turners Auctions is New Zealand's leading car sales channel accounting for 8 per cent of all cars sold in New Zealand every year. Turners’ specialist Auctions include ex-lease, cars, trucks, plant, damaged vehicles and general goods. Turners Finance also offers finance on vehicles sold at Turners Auctions.
www.turners.co.nz

ENDS

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