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
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.