NZ Automotive interim results for Half Year 2023

NZ Automotive Investments Limited (NZA:NZA) has reported a 29 percent increase in revenue and income to $40.2 million for the half year to 30 September 2022 (HY23), compared to the same period last year.

Vehicle sales have increased 11 percent to 4,281 and underlying EBITDA including finance income has decreased to $2.9 million, down $0.3 million.

Net profit after tax (NPAT) has fallen to $0.6 million, down $0.8 million (including $0.7 million of restructuring costs).

Underlying earnings per share (EPS) has decreased from 3.1 cents per share (cps) in HY22 to 2.3 cps in HY23.

The 2 Cheap Cars brand has grown its dealership network and saw a jump in the number of electric and hybrid vehicles sold to 40 percent of total sales.

The board is currently reviewing the finance company’s strategy and no interim dividend is to be declared.