Colonial on course for record result
The Colonial Motor Company has announced it is on track to set a new annual profit record in the year ending June 30, 2022, after reporting a solid third quarter for the business.
In guidance to the NZX, the company predicts its profit for the financial year will be materially ahead of the $27.9 million record result it achieved in the previous 12-month period despite challenges around the Covid-19 pandemic and the impact on the supply chain.
A statement from Colonial on May 30 notes that its half-year report released in February announced a record first-half result of $18m trading profit after tax.
“In that report, the board commented that consumer demand had continued to be robust, but there were a number of potential headwinds that could impact the results in the second half,” it explains.
“There have been Covid and supply-chain disruptions to trading experienced across the business, but not to a degree that will detract from a strong full-year result.
“As a consequence, the strong trading conditions experienced in the first half, combined with a solid third quarter to the end of March, sees the business on track to post a [record] trading profit after tax for the 2022 financial year.”
