Automotive retailer and specialist logistics group, Automotive Holdings Group (AHG) Limited has reported record revenue and profit for the 2014 Financial Year.
The Group’s IFRS Statutory NPAT was $72.9 million, up $8.1 million on the previous corresponding period. The Group recorded revenue of $4.7 billion, an increase of 9.8 per cent on the previous year, as well as an Operating EBITDA of $178.6 million, an increase of 10.5 per cent (pcp) and Operating NPAT of $78.5 million, up 11 per cent.
AHG’s refrigerated logistics division contributed revenues of $429.7 million ($390.0 million pcp), an increase of 10.2 per cent and Operating EBITDA of $29.7 million ($31.9 million pcp).
According to AHG Managing Director, Bronte Howson, the result was in line with expectations despite seasonal challenges in refrigerated logistics and the slowdown in automotive retailing caused by reduced activity in the mining and resources sectors in Western Australia.
“Once again we’ve benefitted from strong performances from our established automotive dealerships while successfully integrating acquisitions and developing additional Greenfield sites, all of which provide significant future upside,” Howson said.
“The refrigerated logistics result reflects the impacts of disruption caused by flooding in NSW and Queensland and droughts in the Riverina, and more than $2 million in one‐off start‐up costs associated with new cold stores in Perth and Adelaide. Those investments and our recent acquisitions provide a solid base for sustainable growth in shareholder returns in future years.”
In May, AHG completed the acquisition of Scott’s Refrigerated Freightways and JAT Refrigerated Road Services, which the company says will significantly enhance the Group’s refrigerated logistics division and deliver increased revenues and cost and operating synergies to the Group.
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