Sharechat Logo

Turners Auctions on the block

Friday 3rd October 2003

Text too small?
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.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
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:

NZ dollar stalls amid doubts on US-China trade deal
Tourist numbers perk up in August as Aussies more than offset declining Asian demand
Peters to unions: strikes not helpful; no word on Fair Pay Agreements
Oil and gas critical to global emissions reduction effort - BP
Ebos pays A$34m for medical devices businesses
House price inflation ticks higher as sales volumes recover
Fletcher in $31 mln dispute with ministry over Greymouth hospital
NZ dollar eases as markets fret about US-China trade talks
15th October 2019 Morning Report
CTU pressures govt for Fair Pay Agreements

IRG See IRG research reports