Bapcor’s (ASX: BAP) net profit after tax grew 47.8% to $94.7 million, including results of discontinued operations for the year ended 30 June 2018. Statutory revenue and earnings per share for FY18 increased by 22% and 42.7%, respectively, compared to FY17. Earnings per share was 33.90 cents per share.
Bapcor New Zealand’s revenue doubled this year to $177.9 million from $87.1 million. Retail & Services’ revenue increased by 8.2% on the back of higher sales relative to new company owned stores. The company has opened 10 new stores, expanding the store network to total 170 stores across the globe. However, Hellaby’s Contract Resources, TBS and Footwear businesses were divested during the course of FY18.
Pro-forma net profit after tax from continuing operations increased by 31.6%, while pro-forma earnings before interest tax, depreciation and amortization increased by 27.7% to $150 million from $117.4 million in prior year. The increase in pro-forma profit reflects strong growth across Bapcor’s automotive segment including recently acquired Hellaby’s automotive businesses.
Bapcor declared final fully franked dividend of 8.5 cents per share, bringing the total dividends to 15.5 cents per share, up 19.2%, in fiscal year 2018.
For FY19 the group expects EBITDA of $170 million underpinned by continuous growth in revenue. Net profit after tax is forecasted to be between 9% and 14% above FY18 proforma NPAT.
Despite reporting decent growth in FY18 profit, Bapcor share price dropped 4.062% to $6.850 on Wednesday 22 August 2018, before market close.
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