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Turners raises annual earnings guidance

NZ NewswireNZ Newswire 4/05/2016 Tina Morrison

Turners raised its full-year profit forecast as all its trading operations maintained strong performance in the last quarter of the financial year. Its shares rose 4.6 per cent.

Pretax profit was between $21.3 million and $21.5 million in the year ended March 31, ahead of previous guidance for earnings of more than $20 million, the Auckland-based company said in a statement.

Turners became the name for the group after Dorchester Pacific acquired Turners Auctions in 2014 to complement its largely automotive loan book and insurance business. It survived the collapse of many finance companies in the wake of the global financial crisis.

Since then, it has been on a buying spree, adding Levin-based lender Oxford Finance, Greenwich Life Insurance and Christchurch-based Southern Finance.

"Dorchester Finance and Oxford Finance both finished the year well above budget and last year," said chief executive Paul Byrnes.

"Turners Group NZ (previously Turners Auctions) also had an outstanding year with a record trading result 47 per cent ahead of the pre-acquisition profit level."

The company's shares increased 13 cents to $2.94, its highest level in two weeks.

It will report its earnings May 30.

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