Record truck sales put profit growth up a gear for AP Eagers

Record truck sales put profit growth up a gear for AP Eagers

Automotive retail group AP Eagers (ASX: APE) expects a 3 per cent uptick to $101.2 million in net profit after tax (NPAT) for 2018, buoyed by a surge in December activity.

While profit after tax is set to be slightly down year-on-year at $133.7 million, it has exceeded the upper end of guidance by close to 3 per cent.

The company claimed the improved result compared to guidance was delivered by strong operating results for its car and truck retailing businesses, which both achieved record results in December.

The group, led by managing director Martin Ward (pictured), added the truck retailing business achieved record operating NPAT for the full year.

"This is a very strong full year operational result  for the group considering the widely reported challenges within automotive retailing during 2018," AP Eagers said.

"The strong operational result offsets the previously flagged reduced gains on the sale of non-core operations and property, in addition to a decline in returns from the company's investments which includes a reduced dividend from Automotive Holding Group Limited."

The final result will be released in February following an audit.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Deliver on sustainable business promises with Modern Group’s WincovER rating
Partner Content
As a business owner, you’ll know that sustainability is a core part of developing...
Modern Group
Advertisement

Related Stories

Ellume plucked out of administration by rapid test competitor for $57m

Ellume plucked out of administration by rapid test competitor for $57m

Brisbane-based rapid COVID-19 test maker Ellume has been plucked ou...

Forrest snaps up renewable energy operator CWP Renewables

Forrest snaps up renewable energy operator CWP Renewables

Australian billionaire Andrew ‘Twiggy’ Forrest’s ...

Rideshare giant Uber books $21m penalty for misleading customers

Rideshare giant Uber books $21m penalty for misleading customers

US rideshare operator Uber has been slogged with $21 million in pec...

Autosports Group to acquire string of QLD car dealerships for $60m

Autosports Group to acquire string of QLD car dealerships for $60m

In a move to bolster its footprint on Australia’s east coast,...