Turners Auctions deliver strong 2012 results

Turners Auctions today announced 2012 net profit after tax rose to $4.2 million, up 14% on 2011. Revenue for the year rose to $78 million, an increase of 4%.

Turners' CEO Graham Roberts believes that increased consumer optimism, as well as changes to the way Turners' buy and sell vehicles, has led to the company's lift in performance.

Roberts says: "Revenue growth was achieved in the Cars business, partly due to the continued success of our CashNow product. New customers have been attracted by the convenience of CashNow, which provides immediate cash for cars.

"The company's Damaged Vehicle Division and Commercial and Trucks Division continued to see new business growth, as well as the Turners Finance business, which also saw its book grow by 10 percent over the period.

"Turners Fleet performed well overall as we implemented our strategy to buy more cars domestically. As expected, the Japan import market was challenging following the implementation of new emissions regulations which started from 1st January 2012.

"Looking forward we are cautiously optimistic as we unveil initiatives such as our new website In the second quarter, implement our new operating system and consider investing in growth opportunities," says Roberts.

“Given the strong balance sheet and cash position of the business, the company is paying a final dividend of 8 cents per share, making the total dividend for the year 15 cents per share," says Roberts.
The Directors have elected not to declare a special dividend this year because the Group is considering a number of growth opportunities which may require investment.

Results summary:

Net profit after tax $4.2 million, up 14 percent
Revenue $78 million, up 4 percent
Final dividend payment 8 cps
Total dividend for the year 15 cps (fully imputed)