Bapcor profit rises 47.8 per cent

autobarnAutobarn owner Bapcor has seen net profit after tax rise 47.8 per cent to $94.7 million, up from $64 million the prior year.

Total revenue rose by 22 per cent to $1.23 billion, up from last years figure of $$1.01 billion.

“FY18 has delivered a very good result for our automotive businesses which were slightly ahead of our expectations. Most pleasing is that each of our business segments have recorded good revenue and profit growth and they have executed well on opportunities that can be further built on in FY19,” Bapcor chief executive Darryl Abotomey said.

“Bapcor also divested its non-core assets of Contract Resources, TBS and Footwear during the course of FY18 that will enable Bapcor to focus on its core Automotive Aftermarket business.”

Abotomey said the integration of the Hellaby Automotive has progressed to plan, and the businesses have performed well since the acquisition in January 2017.

“Bapcor New Zealand (previously the New Zealand based operations of Hellaby Automotive) performed very strongly. Revenue and EBITDA in FY18 increased by 104 per cent and 114.3 per cent respectively,” Abotomey said.

The company’s retail and service segment saw revenue increase by 8.2 per cent for the period, consisting of Autobarn, AutoPro, Sprint Auto Parts and Carparts retail stores, as well as Midas and ABS service workshops.

Autobarn added 17 new company owned stores to its network for the year, which brings the total number of company owned Autobarn stores to 48, or 38 per cent of the 128 store network.

“Bapcor is extremely pleased with its performance in FY18 and is excited about its continued growth prospects in each area of its business,” Abotomey said.

The company forecasts continued revenue and profit growth in FY19, with an EBITDA projection of $170M, leading to an NPAT increase of between 9 per cent and 14 per cent.

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