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- Turners Automotive Group (TRA) remains on track to post record full-year profits as it approaches the end of its 2023 financial year
- The company reiterates its half-yearly guidance, expecting to post profits of at least $44 million for FY23 compared to its record $43.1 million in FY22
- Despite recent weather events across New Zealand, the company reports no damage to its team or branches
- Further, Turners says it has seen “no significant change” to the market dynamics it was experiencing in the December quarter of the financial year
- TRA shares are trading at $3.36 at 3:05 pm AEDT
Turners Automotive Group (TRA) on Tuesday reported it remained on track to post record full-year profits as it approached the end of its 2023 financial year.
The Automotive company said it had consistent trading results over the summer months and endured ongoing strength in auto retail in the lead-up to its FY23 results.
As such, the company reiterated its half-yearly guidance and forecast full-year profits for the 12 months to March 31, 2023, of at least $44 million. For reference, the company posted a record $43.1 million in profits over the same time the year before.
Despite recent weather events across New Zealand, Turner reported that its team and branches suffered no damage.
Further, Turners said it had seen “no significant change” to the market dynamics it was experiencing in the December quarter of the financial year.
Car sales continued to “hold up well” for the company as its market share grew over the year.
Moreover, despite higher interest rates, Turner said its loan book remained stable and its arrears improved in February.
The company said insurance claims were tracking below expectations and investment returns were improving.
TRA is an integrated financial services group that primarily operates in the automotive sector across Australia and New Zealand.
Following the Cyclone Gabrielle event in New Zealand, Turner said its Damaged and End of Life Vehicle Division operational teams in Auckland and Hawke’s Bay were supporting insurance vendors to de-register and sell insurance write-offs for parts and recycling.
The company said replacement demand for damaged cars, combined with the supply restrictions caused by the Clean Car Standard, was expected to increase the price of used vehicles and TRA’s profit margins.
TRA shares were trading at $3.36 at 3:05 pm AEDT.
