Autosports Group Ltd (ASX:ASG)
A$ 2.1 -0.02 (-0.94%) Market Cap: 429.17 Mil Enterprise Value: 1.38 Bil PE Ratio: 6.97 PB Ratio: 0.85 GF Score: 79/100
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Half Year 2024 Autosports Group Ltd Earnings Call Transcript

Feb 21, 2024 / 11:00PM GMT
Release Date Price: A$2.3 (-2.95%)

Key Points

Positve
  • Revenue growth of 26% above the December 2023 outcome, driven by a resilient market for prestige and luxury cars.
  • Gross profit increased by 20% to $264.8 million, maintaining stable gross margins in a normalized supply market.
  • EBITDA rose by 20.1% to $107.8 million, reflecting strong operational performance.
  • Interim dividend increased by 11.1% to $0.10 per share, fully franked, demonstrating strong shareholder returns.
  • Consistent growth strategy with a clear line of sight on acquisition opportunities, targeting $250 million per annum in acquisition-led growth.
Negative
  • Net profit before tax and net profit after tax were impacted by higher interest rates and AASB 16 lease impacts.
  • Inflationary pressures and higher interest costs affected PBT growth for the period.
  • Order bank volume is down, although gross profit per order is up, indicating potential revenue challenges.
  • Used car revenue growth, while strong, is expected to normalize, potentially reducing future growth rates.
  • Inventory levels at 70 days stock depth, slightly higher than the ideal range, indicating potential inefficiencies.
Operator

Thank you for standing by, and welcome to the Autosports Group Limited, ASG, H1 2024 FY results. (Operator Instructions)

I would now like to hand the conference over to Mr. Nick Pagent, CEO.

Nicholas Pagent
Autosports Group Ltd - Chief Executive Officer, Managing Director, Executive Director

Hello, everybody, and good morning, and thank you for dialing in for the investor presentation for the financial results of Autosports Group for the period first half 2024 financial year.

My name is Nick Pagent, I'm the CEO of Autosports Group. And joining me today on the call is Aaron Murray, the CFO of Autosports Group.

This morning, we'll start with a brief presentation on Autosports Group covering our H1 '24 financial year highlights, our strategic highlights and objectives, our outlook through to the calendar year 2024. I'll summarize our 2024 first half trading results before handing over to Aaron, who will provide a deeper analysis of Autosports Group's financial metrics, including our revenue drivers, our stable gross margin production,

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