Turners upgrades guidance

Auckland: Turners Automotive has upgraded its 2021 annual earnings forecast for the second time in a row, led by its finance wing.

The company, which is involved in car auctions, vehicle finance and insurance, now expects its net profit to be within a

$33 million to $35 million range, trading exceeding expectations across the board.

The updated guidance implies an indicative fullyear dividend of about 18 cents per share, fully imputed, based on the midpoint of the updated range and the company’s dividend payout policy of 60% to 70% of its net profit.

Turners last upgraded its guidance in November, which was towards the upper end of the $28 million to $31 million of the range provided at its September annual meeting.

‘‘Whilst all three major business units continue to contribute strongly, finance has led the majority of the uplift, with new lending volumes tracking well ahead of the prior year,’’ the company said.