24 Feb 2012

Turners Auctions profit up despite used-car dip

1:22 pm on 24 February 2012

Turners Auctions has lifted its full year profits by 22%, but says the car business remains challenging.

The company made $3.7 million in 2011. Revenue rose 7% to $75 million.

Chief executive Graham Roberts says revenues have grown in the auction business. But the car business continues to be challenging, with the overall used car market declining 1% last year.

Its fleet division performed well, as it focussed on buying vehicles domestically to compensate for the decline in imports from Japan.

Turners Auctions will pay a full year dividend of 17 cents per share.

Shares in Turners Auctions were unchanged at $1.48 on Friday.