Autosports Group FY24 financial highlights

Autosports Group (ASX:ASG) held its 2024 Annual General Meeting on November 22, 2024. The company reported a revenue of $2.65 billion for FY24, an increase of 11.6%. Despite challenges such as inflation and higher interest rates, Autosports Group showcased resilience through strategic acquisitions and a focus on luxury vehicles.

Overview of Autosports Group's strategic direction

Autosports Group reported significant financial achievements for FY24, with a revenue of $2.65 billion, marking an 11.6% increase. The company remains focused on luxury brand representation and geographic expansion, particularly through the acquisition of Stillwell Motor Group, which is expected to boost revenues by approximately 13%. Despite challenges such as inflation and higher interest rates, Autosports Group maintained strong performance, supported by its diverse brand portfolio and strategic growth initiatives. Looking ahead, the company aims to continue its luxury-centric growth strategy, reduce inventory levels, and adapt to changing vehicle arrival patterns. A new Volkswagen dealership is set to open in Brisbane in early 2025, further enhancing their market presence. The strategic focus on battery electric vehicles positions Autosports Group to capitalize on industry shifts towards sustainability.

Executive insights from AGM

The resilience of our business in the face of economic challenges highlights the strength of our diverse business model. Our strategic acquisition of the Stillwell Motor Group has further solidified our market position, especially in Victoria. We continue to focus on luxury brand representation and geographic expansion across Australia and New Zealand. Our partnerships with leading brands position us well in the evolving battery electric vehicle market. Despite the challenges of rising interest rates and increasing cost of living pressures, our strategic initiatives have provided a robust platform for growth.