Turners Auto Group (ASX:TRA) 2024 ASM Presentation Highlights

Turners Auto Group (ASX:TRA) presented its 2024 Annual Shareholder Meeting (ASM) with a focus on delivering a record result despite economic challenges. The company demonstrated resilience and growth across its Auto Retail, Insurance, and Credit divisions, achieving a 12% increase in EBIT, 8% increase in NPBT, and 7% increase in revenue. The full year dividend stood at 25.5 cents per share, reflecting a gross yield of approximately 9% per annum. Turners Auto Group remains well diversified and positioned to capitalize on market opportunities amidst ongoing economic challenges in New Zealand and globally.

Executive Commentary

The company's Chairman, Grant Baker, highlighted Turners Auto Group's strong and sustainable business model, emphasizing its proven track record of growth and resilience. The CEO, Todd Hunter, provided an update on the market conditions, acknowledging the impact of regulatory changes on the used car market sales and the challenges faced by the automotive industry. He also outlined the company's strategic investments in My Auto Shop and Quashed, aiming to extend the Turners brand and provide additional value to its customer base.

Summary of 2024 ASM Presentation

Turners Auto Group reported a record net profit after tax, demonstrating its ability to thrive in a challenging economic environment. The company outlined its future growth strategy, setting a new medium-term target of $65 million NPBT for FY28 and emphasizing its commitment to building a strong and sustainable yield for shareholders. Additionally, Turners Auto Group highlighted its focus on quality customer experiences, employee engagement, and its track record of delivering strong and growing dividends. The company remains optimistic about exceeding its FY25 goals and maintaining a positive outlook, despite potential risks associated with the overall economy and consumer demand.