Turners breaks into NZX 50
Turners Automotive Group will soon be ranked alongside the country’s largest stocks after S&P Dow Jones Indices confirmed the company will be added to the NZX 50 Portfolio Index and MidCap Index prior to the opening of trading on December 18.
The NZX 50 index is designed to measure the performance of the 50 largest, eligible stocks listed on the main NZSX board by float-adjusted market capitalisation and is considered New Zealand's pre-eminent benchmark index.
Grant Baker, Turners’ chairman, says: “This is a major milestone for the company and reflects the quality of the business and growth the entire team at Turners have been able to generate over the last 10 years.
“It is great to see loyal and long-term shareholders in the company getting this reward.”
Turners recently announced a record half-year net profit before tax of $25.7 million for the six months to the end of September this year, which was up 10 per cent from $23.4m in the same period a year ago despite material macro-economic challenges.
The company has also reaffirmed guidance from October 2023 that the full-year result is also expected to set a new record and be ahead of the prior year.
Todd Hunter, chief executive of the group, describes joining the NZX 50 as an outstanding achievement everyone at the Turners can be proud of.
“Half of our Turners Auto Group team members own shares in Turners, so it is great to see them enjoying some of the success through their ownership as well as in their day-to-day results and customer interactions,” he adds.
“The Turners business and team are showing how resilient they are producing record results in what has been a very challenging macro environment.
“Most importantly we have established a robust platform for growth, which we expect to continue into the future, including beyond our FY25 targets.”
The company is aiming to achieve an annual profit of $50m by the 2025 financial year.
