Turners Auctions full year results:
Revenue - $78m down 9pc
Profit - $1.1m down 53pc
Dividend - 7.5 cents per share
KEY POINTS:
Turners Auctions today announced its full year net profit after tax of $1.1m, down 53 per cent on the same time last year.
"The New Zealand used vehicle market has experienced unprecedented decline over the last 12 months", said Turners, "resulting in substantial consolidation and withdrawals of dealer and finance organisations."
The total used vehicle market dropped 100,000 units or 9 per cent from 2007, with a primary contributor being the rapid decline in Japanese used import vehicle sales in New Zealand (down 25 per cent).
The company claims it has adapted to new technology as it seeks future growth.
"These investments have focused on going online with a new website and an upgrade of our online bidding application, Turners 'Live'", said the company in a statement.
The directors have declared a final dividend of 0.4 cents per share and a special dividend of 4.6 cents per share, both fully imputed.
This brings total dividend payments for 2008 to 7.5 cents per share.
