A.P. EAGERS DRIVES PROFIT UPGRADE

A.P. EAGERS DRIVES PROFIT UPGRADE

A.P. EAGERS (ASX:APE) has upgraded its profit guidance, forecasting between $100 million to $104 million for the full year.

It promises to be another record result for the automotive retailer, with underlying profit before tax recorded at $87.3 million in the previous period.

The announcement follows the completion of the September quarter and takes into consideration predicted market conditions in December.

The guidance includes gains before tax of $9 million, from divesting assets and the company’s interest in the MTAI insurance business.

APE entered conditional contracts with Urban Construct in September for the sale of 44 Ipswich Road, 33 Jurgens Street and 79 Logan Road.

The company finalised its acquisition of Craig Black Group earlier this month, securing a number of dealerships across Queensland.

APE shares were trading down 1.11 per cent at $5.36.

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