Bapcor Ltd
(ASX: BAP) just revealed its report for the half year period to 31 December 2017.
Bapcor is Australasia’s leading provider of aftermarket car parts, accessories, equipment and services.
Here are some of the statutory highlights compared to the prior corresponding period:
- Revenue from continuing operations increased by 41.6% to $616 million
- Statutory operating earnings, or EBITDA, up 53.8% to $70 million (What the heck is EBITDA?)
- Statutory profit per share up 62.1% to 15.66 cents
- Dividend up 27.3% to 7 cents per share
This result included a six month contribution from the Hellaby business which Bapcor acquired last year.
So far Bapcor has sold Hellaby’s footwear and contract resources subsidiaries, with only the remaining business to sell being TBS.
The Burson Trade segment grew revenue by 6.6% and EBITDA grew by 8.7%. This result was driven by same store sales growth of 3.4%. The store count increased to 163.
The specialist wholesale segment increased revenue and EBITDA by 25.4%. The division benefited from acquisitions as well as organic growth.
Bapcor’s New Zealand business, previously Hellaby, increased revenue by 8.4% and EBITDA by 28.5%, with BNT growing same store sales by 8.5%.
Finally, the retail & services business grew revenue by 5.4%, however EBITDA was flat and the EBITDA margin decreased by 0.6%. Autobarn added 8 new company stores, with 31% of Autobarn stores now company owned as opposed to franchise run.
Outlook
Bapcor is forecasting continued revenue and profit growth in the second six months of the financial year, through business performance, optimisation benefits and store network growth. The profit guidance remains 30% growth of pro forma profit from continued operations.
Bapcor CEO Darryl Abotomey said, “The first half of FY18 has delivered a very good result and in line with our expectations. This financial year is a period of consolidation, integrating the ex-Hellaby businesses and working through the many optimisation opportunities.”
Bapcor’s exceptional performance and growth trajectory are a direct result of the talent, passion and dedication of our people, franchisees, and the support of our customers and suppliers. – Abotomey
The Bapcor share price was up 0.53% on Tuesday, according to Google Finance.
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