RECORD RESULTS FOR A.P. EAGERS

Written on the 28 August 2014

RECORD RESULTS FOR A.P. EAGERS

A.P. EAGERS (ASX:APE) has posted record half-year results, with a number of acquisitions paying off for the car dealer.

Net profit after tax for the six months to June 30 was up 6 per cent to $33.3 million, compared to the previous corresponding period.

The upward trend continued with half year revenue increasing two percent to $1.37 billion and earnings before interest, tax, depreciation and amortisation up 3.4 per cent to $62.7 million.

Earnings from the Main North and Unley Nissan and Renault acquisition in September 2013 boosted used car sales, supporting profit growth.

A.P. Eagers reported stable new car sales and service operations, despite a slowdown in general industry activity – while the company’s Carzoos branding strategy improved used car results.

The company expanded its national footprint with the opening of a new dealership in Newcastle, earlier this year.

The Ipswich Mazda and Ian Boettcher Motors acquisition was completed in July 2014, with the Black Group deal to be finalised in October.

Both acquisitions are expected to boost second half earnings, with a combined annual revenue of almost $400 million.

APE forecasts similar growth for the full year, depending on economic conditions.

A fully franked dividend of nine cents per unit will be paid to shareholders on October 3.


Latest News

AUSTRALIA READY TO DISRUPT GLOBAL CARBON FIBRE MANUFACTURING

AUSTRALIA for the first time has the capacity to produce carbon fibre from scratch and at scale, following the launch...

HONG KONG FUND INVESTS $212.8 MILLION IN G8 EDUCATION

G8 EDUCATION (ASX: GEM) has secured $212.8 million from Hong Kong-based CFCG Investment Partners to pay down debt and...

MERGER DELIVERS THE FINANCIAL GOODS FOR TERRY WHITE

TERRY White Group has posted a solid half-year net profit of $1.3 million amid a period of major transformation fo...

BLUE SKY APPOINTS TWO NEW INDEPENDENT DIRECTORS

BLUE Sky Alternative Investments (ASX: BLA) has appointed two new independent, non-executive directors to its board: ...

Related News

WHY EMPLOYEE-OWNED COMPANIES ARE BEATING ASX200 SHARE PRICES

EMPLOYEE-owned companies command a higher share price than their publicly listed peers, reaping a 17 per cent prem...

RISE OF THE MACHINES HAS WORKERS SWEATING

UP TO 3.8 million Australian workers are fearful their job may soon be terminated by a robot, a new survey has shown....

LESS TALK, MORE SMALL BUSINESS ACTION IN 2017

THE future growth and prosperity of Australian SMEs could be undermined if governments lose sight of the sector...

TEST DRIVE A POST GRAD AT BOND

THERE'S only one way to really move your career into the fast lane, says Bond University, and 'test driving...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter