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Turners Auctions says trading is gathering positive momentum

Monday 3rd October 2011

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Vehicle auctioneer Turners Auctions says its financial year started quietly but is gathering positive momentum.

“Car trading conditions have improved since quarter one, although the used vehicle market in New Zealand has shown a very small decline compared with 2010 (down 1%), the company said in its interim report.

“At a time when the supply of used vehicles has become constrained, Turners has been successful in winning new customers to support the auction business,” it said.

“Purchasing in Japan has been extremely competitive and the post-Tsunami effect has seen a reduced pool of used cars in Japan.” As already advised, it expects Japanese imports to decline in 2012 because of the introduction of new emission laws.

In August, Turners reported a 12% lift in net profit to $1.6 million for the six months ended June 30 despite sales falling 3% to $34.9 million.

Turners' shares are down 1 cent at $1.35, towards the bottom end of its tight $1.28-to-$1.55 trading range over the last 12 months.


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