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Turners Auctions post strong 2012 half year results

16 August 2012

Turners Auctions post strong 2012 half year results

Turners Auctions today reported a 2012 half year net profit after tax of $1.9 million, 19 percent ahead of the same period last year.

Chief Executive Officer, Graham Roberts says the positive result reflects a return to normal trading conditions in Christchurch, after earthquake disruption last year, a solid performance for the Turners Fleet business and sound growth in Damaged Vehicles.

“Revenue growth can largely be attributed to significantly improved sales in the Turners Fleet division of the business, driven by increased local sourcing through the Turners CashNow product. This has been supported by growth in the Damaged Vehicles segment, resulting from new customer wins,” says Graham Roberts.

“The Finance ledger has grown to $20.1 million since June 2011, an increase of four percent. This growth, and a reduction in bad and doubtful debt, has resulted in continued growth in operating profit from this part of the business.”

Total revenue for the period was $37.1 million, an increase of six percent.

“This positive result and Turners’ cash position has led the company to declare a dividend of seven cents per share from first half operating activities, which will be payable on 20 September. The full year result forecast will range between $3.8 million and $4.1 million,” says Graham Roberts.

On the back of continued growth Turners will invest in new technology, including a new operating system, investment in business intelligence and a new website, which is scheduled for deployment in the fourth quarter.

Results summary:
• Operating Revenues: $37.1 million
• Group Net Profit: $1.9 million
• Interim dividend payment: 7.0 cps

A full investor briefing is available on www.nzx.com

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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