Turners Automotive has upgraded its profit guidance for the 2024 financial year, expecting to achieve a net profit before tax of at least $48 million.

This would surpass the $45.5m profit recorded in the previous year.

The company also announced an increase in its forecast dividend, which is now set at 25 cents per share, up 9% from the prior guidance.

Turners, which is now listed on the NZX top 50, said this will be its fourth consecutive record profit result.

The strong performance was attributed to the resilience of the New Zealand used car market and Turners' business, as well as the stabilisation in the official cash rate.

The company's full year results will be reported in late May.

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