A.P. EAGERS HITS RECORD PROFIT
24 August 2016, Written by Brisbane Business News
BRISBANE'S largest automotive group has posted a record profit for the full year.
A.P. Eagers (ASX: APE) saw its statutory profit after tax climb 11.5 per cent to $49.1 million.
The company has also declared a record interim dividend of 13c per share, up 8.3 per cent from FY15.
Strong trading performances in NSW and South Australia are said to have offset slower trade in Queensland. A.P. Eagers says Queensland was down, following a surge after the November 2014 half storm, so the company says 'this was more reflective of the exceptional hail driven market dynamics of the 2015 half year rather than a softening of the market or material operational deterioration'.
A.P. Eagers national truck operations also fared well, while recent acquisitions such as Melbourne-based Birrell Motors Group, completed in April, also drove revenue in Victoria and Tasmania.
According to Federal Chamber of Automotive Industry statistics, private car sales decreased by 4.5 per cent in the half year to June 30, but this was more than offset by a 15.8 per cent increase in business sales.
A.P. Eagers is continuing redevelopment of its Newstead dealerships, with the opening of the new Volkswagen dealership in April 2016.
Redevelopment of Land Rover, Jaguar and Volvo commenced in June and is expected to be complete in March next year when A.P. Eagers exits Fortitude Valley.
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