Eagers Automotive Limited has delivered record first half revenue of $6.5 billion, an increase of 18.9% on the previous corresponding period, as Australia's leading automotive retail group continues to outperform industry benchmarks.
Eagers Automotive and its subsidiary AP Group have sold their entire 5.7% holding in McMillan Shakespeare, ceasing to be substantial shareholders in the ASX-listed novated leasing and fleet management provider.
Eagers Automotive Limited recently announced its financial results for the twelve months ended December 31, 2024 (FY24), claiming it has outperformed the industry. It delivered revenue of $11.2 billion, an increase of 13.6% on FY23. Underlying Operating Profit Before Tax for FY24 was $371.2 million (FY23: $433.3 million).
Eagers chief executive Keith Thornton says the second half of 2024 will be challenging as the automotive retail giant navigates external cost pressures, OEM inventory levels, and lower consumer confidence. In August, Eagers reported a half-year revenue of AUD 5.5 billion for FY24, up 13.4% on FY23.
Businessman Nick Politis will receive a further $25 million shareholding in Eagers Automotive as it acquires a portfolio of dealerships in Victoria in which he is a stakeholder. Eagers Automotive has agreed to acquire the dealerships and properties across Melbourne and the Mornington region for about $245 million from a group of companies associated with Politis.
Eagers Automotive Limited has acquired an additional 31% shareholding of EV Dealer Group Pty Ltd, the national retail joint venture for BYD which manufactures new energy and low emission vehicles. The acquisition was completed on July 3.
Australia and New Zealand automotive retailer Eagers Automotive Pty Ltd (Eagers) is partnering with Check Point Software Technologies Ltd (Check Point) to increase control and visibility of its cloud environment applications.
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.
EVDirect.com.au and its retail partner Eagers Automotive have launched a new website bydautomotive.com.au as the BYD brand's new virtual showroom and online hub for consumers to access information on all models and services on offer.
BYD Australia's electric car distributor EVDirect.com has confirmed that Eagers Automotive is becoming a retail partner for the brand.