Sharechat Logo

2CC - Market update

Friday 1st March 2024

Text too small?

2 Cheap Cars Group Limited (NZX: 2CC ) today announced that due to exchange rate variance in recent months, FY24 net profit after tax (NPAT) guidance is revised to between $6.3m and $6.5m, from $6.8m.


A steady increase in the value of the New Zealand Dollar against the Japanese Yen has led to higher than expected hedge losses. CEO, Paul Millward noted that despite this, the Company remains on track to deliver an unparalleled result.


“All businesses that buy inventory offshore are affected by exchange rate variations even when hedging is in place. Overall, the Company is in great shape and remains on course for a record-breaking result.


“A decision regarding dividends will be made by the board when full year results are approved. Provided the market remains stable, the strong performance to date indicates that a dividend at the highest end of the policy range is likely,” he said.




This announcement has been authorised by 2 Cheap Cars Group Chair, Michael Stiassny.


For shareholder enquiries, please contact:


Paul Millward


Mobile: +64 27 448 6458



About 2 Cheap Cars Group (2CC)

2 Cheap Cars Group is an integrated used automotive group.  We are vertically integrated from procurement in Japan through to our retail branches nationwide.  Operating under the “2 Cheap Cars” brand, our Automotive Retail company is one of the largest used vehicle sellers in New Zealand with 12 dealerships across the country. Our mission is to deliver on our promise… 2 Cheap Cars, driving better deals, every day.

  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:

IPL - FY24 Annual Results
CEN - Contact to revisit Wairākei development options
May 17th Morning Report
PaySauce to announce full year results on 22 May 2024
BGP - Results of Briscoe Group Limited Annual Shareholder Meeting
Judith Swales to leave Fonterra
Fonterra announces step-change in strategic direction
USX Trading Results 15th May
Devon Funds Morning Note - 15 May 2024