Automotive parts, accessories and services retail group Bapcor has dodged difficult market conditions to deliver its “biggest ever first half result” for the six months to 31 December 2018.

Statutory net profit after tax from continuing operations rose 12.6 per cent to $47.4 million (AU$45.5 million), with the group declaring a fully franked dividend of 7.8 cents per share (AU 7.5 cents) – a 7.1 per cent increase on the interim FY18 dividend.

Bapcor chief executive and managing director Darryl Abotomey said market conditions caused the rate of growth to slow, though it still saw good growth across its trade and specialist wholesaling businesses, which make up more than 80 per cent of its revenue and profit.

The remaining 20 per cent is made up of Bapcor’s retail and service segment, consisting of Autobarn, AutoPro and Sprint Auto Parts retail stores, which function alongside Midas and ABS service workshops.

An increase in the number of company-owned stores, as well as network growth, drove retail revenue up 8.8 per cent over the period, while EBITDA growth remained flat due to market conditions, lower wholesale sales, network expansion and, in some cases, underperforming franchise store conversions.

“We remain confident in the future growth prospects and strategic direction of our businesses,” Abotomey said, forecasting FY19 proforma NPAT of approximately 9 per cent above FY18, and expects record revenue, earnings and earnings per share for the year.

“Whilst at the lower end of previous guidance, the forecast reflects the market conditions that Bapcor is experiencing.”

The group had previously forecasted profit guidance of between 9 and 14 per cent, with an EBITDA projection of $177.1 million (AU$170 million).