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Wed 5 Mar 2008
Close: 1 740c 
Day's move: 0c (0.00%)
Volume: 0
Trades: 0
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Revenue for the year rose 17.3% to R1.1 billion, from R969 million previously. Operating income increased 12.7% to R96 million (R85 million), and net profit attributable to Equity holders grew to R73 million (R62 million). This led to a 19% increase in headline earnings to 124.2cps, compared to 104.4cps previously.
Dividend
A capital distribution of 49c per ordinary share will be distributed in lieu of an annual dividend for the year to 30 June 2007, subject to shareholder approval.
Prospects
TiAuto is optimistic that the average historical rate of growth in earnings can be maintained or improved upon. This is mainly as a consequence of the significant increase in the Southern African vehicle population over the last three years and the plans to slightly increase the rate of new store developments. Furthermore, with a more stable supply of Yokohama and Runway tyres, the wholesale business is budgeting on an improved performance. Against this background however, the high cost of new retail sites and store developments should be borne in mind. TWT has committed to two new stores opening in the first six months of the 2008 financial year, with further prospective sites presently under development or negotiation. Budgeted capital expenditure in the coming financial year of R51 million includes R44 million for the acquisition of certain new and existing leased properties.
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