Turners Automotive Group Achieves Record Earnings Outlines Growth Strategy

Turners Automotive Group (ASX: TRA) reported record earnings for FY24, demonstrating resilience amidst economic challenges. Key highlights include:

• Revenue reached AU$417 million, up 7%, with EBIT up 12% to AU$58.6 million.
• NPBT rose to AU$49.1 million, exceeding FY25 target, and setting a new target of AU$65 million NPBT for FY28.
• Segment profits surged, with the auto segment up 27%, finance segment showing resilience, and insurance segment making significant contributions.
• The Credit Management business recovered, poised for growth amidst economic tightening.
• Strong organizational culture, ranking in the top 5% globally for employee engagement.

Looking ahead, Turners anticipates economic challenges in HY25 but remains focused on surpassing FY25 NPBT goal and pursuing growth through its diversified business model and strategic initiatives.

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