Turner Records Strong FY20 Results, Q1 Recovery in Progress

June 18, 2020 12:56 PM AEST | By Team Kalkine Media

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Turners Automotive Group (NZX:TRA) produced an 11% increase in underlying net profit before tax (NPBT) from NZ$26 million to NZ$28.8 million for the year ended 31 March 2020.

Group revenue fell 1% reaching NZ$333 million
Strong increases in the finance, insurance & credit management businesses
Auto retail affected by slowdown in last 6 weeks of FY20 due to Covid-19
Solid gains in market share, within the context of a moderating used car market

Final dividend of 6 cents per share was declared by the company. TRA responded positively to COVID-19 with business recovering faster in May after a fall in April. The firm has plans to continue retail optimisation, increase auto retail market share and de-risking of its finance business.

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