Eagers Automotive has announced a $246.5 million statutory profit before tax for the first half of the 2022 financial year with an underlying profit before tax or $195.1 million.
The ASX listed new vehicle retailer says it will offer a record ordinary interim dividend (fully franked) of 22 cents per share as opposed to the 20 cents per share that it provided in the first half of the previous financial year.
Eagers Automotive says it retains a strong balance sheet with a record available liquidity figure of $842.8 million.
“The robust first half performance reflects the strength of our underlying business, disciplined management of our rebased cost profile and strong progress on strategic growth initiatives, which have together enabled us to capitalise on favourable market dynamics,” Eagers Automotive chief executive Keith Thornton says.
“Demand has materially exceeded supply during the first half and our key lead indicators, including new vehicle order bank, remain at record levels.
“Our independent pre-owned vehicle business, easyauto123, has delivered volume and revenue growth. We have expanded its footprint to include an additional store in the Sydney market at Liverpool, and our first Tasmania-based store in Hobart opens this month.
“Our leading position in large addressable markets, balanced economic model and diverse geographic footprint, ensure the business is able to withstand changes in market conditions.
“In addition, the combination of growth from our existing business, new entrants to the market wanting to partner with us and strategic acquisition opportunities provide a significant platform for sustainable earnings growth over the long term,” Thornton says.
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