Bapcor Ltd (ASX: BAP) released its 2018 financial results to the market today revealing a 48% increase in net profit.
Bapcor is Australia and New Zealand’s largest auto part business with the Burson and Autobarn chains.
Here are some of the highlights from its report:
- Revenue increased by 22% to $1.24 billion
- EBITDA up by 27.7% to $150 million
- Underlying net profit went up 31.6% to $86.5 million
- Reported profit increased by 47.8% to $94.7 million
- Full year dividend increased by 19.2% to 15.5 cents
During the year Bapcor sold Contract Resources, TBS and footwear for a combined NZ$103 million, the sale price exceeded their underlying value for a combined NZ$7 million.
Bapcor CEO Darryl Abotomey said: “FY18 has delivered a very good result for our automotive businesses which were slightly ahead of our expectations. Most pleasing is that each of our business segments have recorded good revenue and profit growth”.
The company opened its first Asian store, with its formal grand opening held on 10 August 2018.
Bapcor’s net debt at the end of FY18 was $289.5 million, which meant that net debt was less than 2x EBITDA.
Mr Abotomey finished by saying: “Bapcor is extremely pleased with its performance in FY18 and is excited about its continued growth prospects in each area of its business.”
Outlook
Bapcor said it expects more revenue growth and profit growth in FY19. Underlying net profit is expected to grow between 9% and 14% compared to FY18.
The Bapcor share price has risen by over 28% during the past year.
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