Turners Auctions on the block

Friday 3rd October 2003

If ever there was a clear candidate for a sharemarket darling, Turners Auctions would fit the bill nicely.

The shares have been on an upward trend since the company listed in October last year and there appears to be little in the way of further gains.

At press time Turners shares had last traded at $4.25, compared with their listing price of $2.32 and issue price of $1.50.

After splitting from produce maker Turners & Growers in April last year the company recorded a 53% rise in profit for the first six months to December.

In May Sir Ron Brierley's investment vehicle, Guinness Peat Group, halved its stake in Turners to 19.99%, leaving Bartel Holdings as the largest shareholder. GPG placed nearly five million shares at $2.85 a share through broker JB Were, which at today's price would seem a cheap deal.

The company is building a new super site in Christchurch and a facility on Auckland's North Shore. It recently opened a new site in Tauranga.

Last year Turners sold a record 77,000 cars and continued strong sales of commercial and industrial products.

Turners is also looking at establishing a finance arm, which should help the company to increase its market share.

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