AP EAGERS REVS BUSINESS ENGINE WITH RECORD PERFORMANCE

AP EAGERS REVS BUSINESS ENGINE WITH RECORD PERFORMANCE

THE team at AP Eagers (APE) is getting more performance out of the business engine than any time in the past, reporting record earnings per share and dividends for the 2012 calendar year.

The car sales, property and development business boosted statutory earnings per share by 33 per cent to 34 cents per share, while increasing the fully franked dividend 25 per cent to 13 cents for a full-year dividend of 20 cents – up 56 per cent over two years.

APE also boosted revenue by 10 per cent to $2.64 billion, while profit after tax improved 38 per cent to $55 million compared to the previous calendar year. EBITDA (Earnings before interest, tax, depreciation and amortisation) is up 17 per cent to $115 million.

APE shares were selling at $5.390 per unit this afternoon, up 1.51 per cent on the previous day’s close. The company has close to doubled in value since April last year. Further value was also realised from the 2010 Adtrans acquisition.

Last year’s strategic investment in Automotive Holdings Group (AHG) has returned a big profit for the company. It cost $138 million and has a current market value of $196 million.

APE management has released a statement putting the improved performance down to widespread operational improvements.

Management has been contacted for comment.

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