Turners Automotive Group's Strong HY24 Performance

Turners Automotive Group (ASX:TRA) has announced a robust performance for the first half of the year ending September 30, 2024 (HY24). The company reported a record net profit before tax (NPBT) of $26.9 million, reflecting a 5% increase from the previous year. This result highlights the strength of Turners' diversified business model, which compensated for declines in auto retail amidst challenging market conditions.

Turners Automotive Group's Strategic Outlook

Turners Automotive Group has reported strong HY24 results, with a 5% increase in NPBT to $26.9 million. While facing a downturn in auto retail, the company's diversified model has driven growth in finance, insurance, and credit management segments. Turners maintains its FY25 guidance, aiming for an NPBT exceeding $50 million and a dividend of at least 27 cents per share, marking a decade of growth. The company is expanding its network through strategic acquisitions and distribution agreements, expecting improved trading conditions in the second half of FY25. Turners is well-positioned to achieve a record result for FY25, focusing on network expansion and operational efficiency.

Executive Commentary on HY24 Results

Turners Automotive Group's diversified business model has proven effective in navigating challenging market conditions. The strong performance in finance, insurance, and credit management has offset the downturn in auto retail. Our guidance for FY25 remains intact, targeting an NPBT exceeding $50 million. We are committed to a decade of dividend growth, with a forecasted FY25 dividend of at least 27 cents per share.