Turners profit guidance up 8%

Turners car auctioneers has upgraded its profit expectations by almost 8%, as car sales appear to gather more traction.

In a brief statement to the market yesterday, Turners said it expected its earlier after-tax profit guidance to increase from $3.8 million to $4.1 million for its year ended in December.

Craigs Investment Partners broker Peter McIntyre said Turners had been an ''exceptional'' dividend provider for investors, with a 19% dividend yield in each of the past two years, including two special dividends, and had paid out 18.5c during the past year.

Since hitting an all-time low of 42c a share in December 2008, it was yesterday trading around $1.92, he said.

He said several factors were underpinning Turner's growth, including its online auction, rising consumer demand, the addition of a finance division to its stable of divisions and growth in commercial, government, individual and rental car sales. Turners is scheduled to post its audited full-year result on February 13.

- simon.hartley@odt.co.nz

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