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Strong sales add fuel to car retailer

Shareholders will receive an interim dividend of 9c a share, up from 8.5c a year earlier

Australia's biggest car retailer, Automotive Holdings, has reported a 17.4 per cent jump in first-half net profit to a record $45 million.

The strong performance was on the back of record high sales of $2.57 billion, boosted by a 7 per cent increase in vehicle sales revenue and 52 per cent growth from its refrigerated logistics division.

Shareholders will receive an interim dividend of 9c a share, up from 8.5c a year earlier. "It's a great result in a sometimes challenging market across both automotive and logistics," Automotive Holdings managing director Bronte Howson said.

"The automotive division has outperformed the broader market, despite the significant downturn in new vehicle registrations," Mr Howson said.

During the six months to December, the company completed the purchase and merger of the Bradstreet Motor Group in Newcastle, opened new dealerships in Victoria, New South Wales and New Zealand and redeveloped the Davie Motors Holden site in New Zealand. 

Automotive turnover broke through the $2 billion barrier for the first time during a half at $2.05 billion, to produce a pre tax profit of $50.4 million.