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Crush them..
Originally Posted by BRICKS
THE best suggestion yet take there cars and crush them then let the little boys go
round to TURNERS AUCTIONS and they can BUY a new one, then return to racing
and repeat the process all over AGAIN..
THE GOV has no guts to solve the problem ,, Just CRUSH THEM..
Last edited by BRICKS; 07-02-2009 at 12:27 PM.
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Interesting result , maybe not quite the dead duck they have been portrayed as.
With money tight consumers may once again start to buy at auction
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Member
Originally Posted by ratkin
Interesting result , maybe not quite the dead duck they have been portrayed as.
Having no debt will certainly help them at the moment, and it's clear that the credit crunch is killing a lot of car dealers.
Turners Auctions chief executive Graham Roberts said:
"I think that this is a time of opportunity for us and I'm confident that we'll grow our market share this year by offering these new services but also with the number of players pulling out of the market there's an opportunity for us to get in there and exploit our position."
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GOOD medium stock..
But just like all good medium stocks TUA is fully PRICED..
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LOOK at you ANNUAL accounts..
Originally Posted by belgarion
And contributing to GPG's bottom line/cash mountain, Bricks ....
And tell me where the mountain of cash IS..
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Been buying these today..... TUA should do well in bad times, and I like the short term yield....
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FY to 31/12/09 $3.3M up 207% FY DIV 12.0 cps
Turners Auctions today announced its 2009 net profit after tax of $3.3 million, up 207 percent on the same period last year. Despite the continued decline in the used vehicle markets over the year Turners Auctions has grown market share and focused closely on costs to ensure a strong result for shareholders. There has been strong profit growth in all the core areas of the business which is very pleasing given the economic situation the business has operated in throughout 2009.
The New Zealand used vehicle market has declined a further 5% in 2009 off the back of a 9% decline in 2008. However auction revenues have held up well at $36.6 million up slightly over $36.5 million in 2008. There has been continued growth in sales of repossessed vehicles, government fleet vehicles, lease and rental company vehicles.
Operating profits from Turners Fleet have improved significantly by comparison with 2008 as a result of more prudent buying in Japan and tighter control of inventory. Turners Finance profits have increased due to higher interest margins, a growing loan book and improved sales of add-on insurance products such as mechanical warranties.
As indicated at the half year changes in strategy have delivered significant savings in business costs with total expenses for the year down 13.8% to $65.8 million. Turners Fleet cost of sales are down 25% to $24.7 million and the change to an online advertising strategy has reduced advertising costs by 51% to $1.4 million and delivered an extra 9.4% registered bidders over 2008 levels. We have continued to invest in online initiatives throughout the year and this has delivered an increase of 31% in web traffic in 2009 and contributed to an increase in online purchasing.
The strong full year result and Turners’ positive cash position have led the Directors to declare a final dividend of 7.0 cents per share fully imputed at 33%, payable on March 30, 2010. This brings total dividend payments for 2009 to 12.0 cents per share.
Results summary:
- Operating Revenues $70.4 million, down 9.5%
- Group Net Profit after tax $3.3 million, up 207%
- Total Group Assets $44.2 million, up 6%
- Final Dividend payment 7.0 cps payable 30th March 2010
~ * ~ De Peones a Reinas ~ * ~
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And a nice bounce in the SP - up 20c (16%) to $1.45.
Good recovery from the low point of around 45c at the beginning of 2009!
Disc: I hold a few.
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What a cracka,unfortunately only have a small holding.
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Originally Posted by macduffy
And a nice bounce in the SP - up 20c (16%) to $1.45.
Good recovery from the low point of around 45c at the beginning of 2009!
Disc: I hold a few.
I managed to grab a few at the opening, at 135. Have been watching them for some time, and should have bought earlier of course. They seem to have made a pretty good job of getting their house in order again, after the market slump and the fraud case. Trouble is, the liquidity is poor, and with this type of small company it is hard to offload any decent-sized parcel of shares in a hurry if the trend starts to deteriorate.
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