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.


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