2 Cheap Cars lowers profit forecast due to exchange rates

Car retailer, 2 Cheap Cars, has revised its net profit after tax guidance for the 2024 financial year, due to exchange rate variance.

The company now expects its FY24 NPAT to be between $6.3 million and $6.5m, down from the previous guidance of $6.8m.

The revision is attributed to higher than expected hedge losses, caused by a steady increase in the value of the New Zealand dollar against the Japanese yen.

Despite this, 2 Cheap Cars' chief executive, Paul Millward, expressed confidence in the company's performance, stating that it remains on track for a record-breaking result.

The board will make a decision regarding dividends when the full-year results are approved.