Colonial’s profit boost

The Colonial Motor Company has announced it expects the first six months of this year to have produced a better profit than first predicted.

Ash Waugh, chairman, provided a guidance update to the NZX on July 23 and says the company is on course to be close to matching the $17.9 million annual trading profit after tax achieved in 2023/24.

“The second half to June 30, 2025, is shaping to contribute to a more positive outcome for the full-year trading profit after tax than was anticipated following the half-year result announced in February,” explains Waugh, pictured.

“The full-year result will not be finalised for some time but the indications are it will only vary slightly from that of last year, so a considerable improvement from the position we reported at the mid-year. 

“This improvement is not an indication of an across-the-board market recovery. 

“It is more likely a reflection of an economic environment that has seen a lift in ‘pockets’ of the wider vehicle market, together with a concerted focus from dealerships to take advantage of those opportunities while addressing their cost structures.”