Food
Autobarn owner, Bapcor, has recorded a 50.9 per cent increase in net-profit-after-tax to $65.8 million for the year ended 30 June, excluding costs related to its Hellaby Holdings acquisition.
Earnings before interest, tax, depreciation and amortisation increased by 52.4 per cent to $117.4 million, with its retail and services segment, including Autobarn and Autopro booked a 30.3 per cent increase in earnings.
Same-store sales growth at Autobarn increased by 2 per cent during the year, the total network now standing at 122 after the opening of eight new locations.
The company has decided to divest Hellaby’s footwear portfolio, including the New-Zealand based Hannahs, Hush Puppies, Pulp and Number One Shoes brands, classifying the business as discontinued operations as it looks to sell the companies.
“FY17 was again a transformative year with the acquisition of Hellaby making us Australasia’s leading automotive aftermarket supplier with over 850 locations,” CEO Darryl Abotomey said.
“We are very pleased with the full year results in which the trade, retail and service and specialist wholesale businesses all recorded year-on-year improvements.”
Bapcor moved to increase its proportion of company-owned Autobarn stores during the year, with 25 per cent, or 31 of the total store network now owned by Bapcor itself.
Click and collect sales increased 45 per cent for the year, helping to underpin a 28.3 per cent increase in revenue for the division.
Looking ahead, Bapcor said it expects “another strong year of revenue and profit growth” in FY18, with a full 12 months trading from the Hellaby acquisition, plus continued growth across the business. The automotive group has forecast NPAT growth from continuing operations of circa 30 per cent.
