Automotive Holdings Group Ltd Footprint Expansion
Footprint Expansion: Automotive Holdings Group Ltd (ASX: AHG) lately announced that KTM Australia and Husqvarna Motorcycles will relocate head office and warehousing facilities to Sydney early in 2017. This comes at the back of group’s efforts to move closer to the markets. In December 2016, AHG opened east coast corporate headquarters at Prestons in Sydney’s Western Industrial Hub. The group has expanded its work environment over 4.2 hectare. AHG also extended its sponsorship of the iconic brand, Melbourne Football Club, in AFL and the sponsorship is said to be funded within existing marketing budgets. The group has about 191 franchises at 110 dealerships across four Australian states and New Zealand. In FY16, AHG’s net operating profit (including adjustments for one off effects), increased by 3.2% on the previous year to a record $97.2 million while statutory profit after tax rose by 2.2% to $90.1 million. There was a 3.3% growth in operating earnings per share and an increased fully franked full year dividend of 22.5 cents per share was paid to the shareholders. The group’s new vehicle sales outlook seems to be strong and growth in automotive business is expected to be on track. Roll-out expansion of EasyAuto123 fixed price retail format is expected to target growth in used cars. Efforts for performance improvement is expected for Refrigerated Logistics. ASIC reviews of F&I commissions are being monitored and no material impact is expected in FY17.
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