Turners Automotive Group (NZX/ASX:TRA) reported record net profit before tax (NPBT) of $23.4m for the six months to September 30 2022 (HY23), slightly ahead of the previous year ($23.2m NPBT).
The result reflects the inherent diversification of the business and strengthened positions of each core market segment over recent years, providing greater resilience through the cycle.
Auto retail and Insurance divisions grew operating profit and market share, while Finance net interest margin was impacted by the rapid rise in interest rates.
Earnings per share for HY23 were 19.8 cps, up 1% on the previous year.
The Board declared a Q1 dividend of 5.0 cps, and a further 5.0cps has been declared for Q2, taking HY23 dividends to 10.0 cps.
Based on the current dividend payout policy of 60-70% of NPAT, Turners anticipate full year dividends of 23 cps, consistent with last year.
The robustness of the business has been demonstrated despite the industry headwinds which are expected to continue into the second half of the year.
Q3 trading is holding up well, with Car sales and margins improving, Finance facing increased pressure from
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