Turners Automotive forecasts record $25m profit

Turners Automotive Group expects to achieve a record profit before tax of at least $25 million for the six months ending September 30, 2023.

The company attributes this success to sustained market share growth in the Auto Retail sector, which has doubled over the past five years.

Despite a compression of finance margins due to the OCR hiking cycle, the group's strength remains intact.

Turners has recently diversified its funding and achieved a Fitch AAA rating for its loan book.

Insurance and Credit Management earnings are also performing well.

The company reiterates its guidance for another record profit before tax in the fiscal year 2024, with a forecast dividend of 24 cents per share.

Management remains focused on achieving a $50 million profit before tax by fiscal year 2025.

The HY24 financial results will be announced on November 23, 2023, followed by a Q&A session.