WA car dealer Automotive Holdings Group says it will be on the look out for more acquisitions in the current year after reporting a hefty jump in full year net profit.
The car dealer and logistics group said today net profit for the 12 months to June 30, 2012, came in at $50.6 million, up 62.1 per cent from $31.2 million in the prior corresponding period.
Revenue rose 17.5 per cent to $3.3 billion, the WA-headquartered AHG said in a statement.
AHG managing director Bronte Howson said about half the company's growth in 2011/12 came from organic growth at its existing businesses, with the other half coming from the impact of its acquisitions such as Harris Transport and Covs.
Mr Howson said the company's low debt and strong cash balance left it in a good position to pursue any good opportunities in the market without the need to raise capital.
"We are certainly assessing further acquisitions and I think it will be a very strong year," Mr Howson said.
"We remain confident that we can continue our track record of delivering profitable growth and solid shareholder returns in FY2013."
The company booked a $9.7 million impairment charge in 2011/12 due to its Mt Gravatt dealerships in Queensland "performing below impairment thresholds", the sale of a dealership in Southport and the loss of a UD Nissan truck franchise.
AHG declared a final dividend of 11 cents per share, fully franked.The company's share price was up nine cents at $2.84.
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