Sharechat Logo

Turners raises annual earnings guidance on strong performance, shares gain

Thursday 5th May 2016

Text too small?

Turners raised its full-year profit forecast as all its trading operations maintained strong performance in the last quarter of the financial year. Its shares rose 4.6 percent.

Pretax profit was between $21.3 million and $21.5 million in the year ended March 31, ahead of previous guidance for earnings of more than $20 million, the Auckland-based company said in a statement.

Turners became the name for the group after Dorchester Pacific acquired Turners Auctions in 2014 to complement its largely automotive loan book and insurance business. It survived the collapse of many finance companies in the wake of the global financial crisis. Since then, it has been on a buying spree, adding Levin-based lender Oxford Finance, Greenwich Life Insurance and Christchurch-based Southern Finance.

“Dorchester Finance and Oxford Finance both finished the year well above budget and last year," said chief executive Paul Byrnes. "Turners Group NZ (previously Turners Auctions) also had an outstanding year with a record trading result 47 percent ahead of the pre-acquisition profit level.”

The company's shares increased 13 cents to $2.94, its highest level in two weeks. 

It will report its earnings May 30.

BusinessDesk.co.nz

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

RBNZ review seeks wider input on quantitative easing, bank supervision
NZ dollar rises on strong domestic exports, Trump comments on Powell
Goldsmith replaces Adams as Nat's shadow finance minister
Gold Report 25th June 2019
OECD joins KiwiBuild critics as 'reset' looms
Global trade crisis 'bad news' for open economies like NZ - OECD
Milk testing firm GEA Milfos to pay $925k for fixing prices
Dairy sales push May exports to record high
Pay rises lift employment confidence; outlook weak
Sky TV drops 'puck' deployment

IRG See IRG research reports