Turners Group, the financial services firm focused on the automotive industry in New Zealand has just posted a 15 percent gain in first-half profit and said all its businesses were expected to lift earnings in the full year.
Profit rose to $8.5 million, or 12.95 cents per share, in the six months ended Sept. 30, from $7.4 million, or 11.55 cents, a year earlier, the Auckland-based company said in a statement. On a pretax basis, profit of $11.8 million was ahead of the company's forecast of $11.6 million and the year 2015’s $10.3 million. Revenue rose 36 percent to $115.1 million.
In a statement the company affirmed that "Turners remains focused on growth, both through M&A and by leveraging opportunities within each business.”
In the first half, the automotive retail business lifted operating profit 31 percent to $6.9 million. The result includes two months' trading from Buy Right Cars, acquired in July 2016, and Turners also launched online car purchasing website Cartopia and is expanding its footprint in the trucks and machinery market, having acquired a further two properties.
"The Buy Right Cars acquisition is settling in well and Tuners will continue to look at acquisitions in the very large automotive retail sector," the company said. "This sector not only delivers a transactional margin on each sale, it also provides opportunities to cross-sell Turners’ automotive finance and insurance products to these customers," the company said.