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.
Disclaimer
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Find out the drivers for the rise in cannabis stock rates Even though the cannabis sector is in its growing phase, Australian cannabis stocks have already started to rise actively due to a hastily increasing patient base, and a legislative landscape that is gradually beginning to liberalise.
Outreach and future of cannabis stocks As countries liberalise regulation for medical and recreational use of cannabis, it is predicted that the industry would grow sharply in upcoming years The global cannabis market stands currently at around $8 billion and it is expected that the hemp derived CBD market to hit approximately $22 billion by 2022.
Key Players in the sector Althea Group Holdings Limited (ASX: AGH) and Cann Group Limited (ASX: CAN) are amongst the top players. Other Australia cannabis market players are- MGC Pharmaceuticals Ltd (ASX: MXC), Elixinol Global Limited (ASX: EXL), THC Global Group Limited (ASX: THC), AusCann Group Holdings Limited (ASX: AC8)
