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Turners profit up 22% on sales, customer growth

Friday 24th February 2012

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Turners Auctions, the vehicle auctioneer, posted a 22 percent increase in full-year profit, beating its guidance on strong sales and increased market share.

Profit rose 22 percent to $3.7 million in the 12-months ended Dec. 31, the Auckland-based company said in a statement. Sales rose 7 percent to $75 million. In October, the company flagged an annual profit increase of between 13.3 percent and 20 percent.

The company’s auction business has continued to perform well although the car market has been challenging. Its truck and commercial operations have delivered strong growth, while there has been an increase in business due to the Christchurch rebuild.

“A change in strategy focused the business on buying domestically to support the decline in Japan imported vehicles,” said Graham Robert, chief executive. “The business focused on add-on sales on insurance products combined with tight credit control.”

In September, Guinness Peat Group sold its 19.4 percent stake in the car auctioneer for $7 million in an off-market transaction involving Milford Asset Management.

The board declared a fully imputed dividend of 6 cents per share. Total dividends for the year were 17 cents.

Shares in Turners rose 1.4 percent to $1.5. The shares have gained about 9 percent this year.

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