CAR Group Delivers Excellent FY24 Financial Results
CAR (CAR) Share Update August 2024 Sunday 11th
CAR Group Announces Strong FY24 Financial Results
CAR Group Limited (ASX: CAR) has announced robust financial results for the full year ending 30 June 2024, showcasing significant growth across all key markets.
Instant Summary:
- Proforma revenue of $1,099 million, up 17% from the prior year.
- Proforma EBITDA of $581 million, up 17% from the prior year.
- Adjusted revenue of $1,099 million, up 41% from the prior year.
- Adjusted NPAT of $344 million, up 24% from the prior year.
- Reported NPAT of $250 million, down from $646 million in the prior year due to a one-time gain in FY23.
- Final dividend of 38.5 cents per share, up 18% from the prior year.
Financial Performance
CAR Group Limited has delivered impressive financial results for FY24, with proforma revenue reaching $1,099 million, a 17% increase from the previous year. Proforma EBITDA also saw a 17% rise, reaching $581 million, reflecting the company's strong operational performance.
Adjusted results were equally strong, with revenue up 41% to $1,099 million and adjusted NPAT up 24% to $344 million. These results include the full-year consolidation of Trader Interactive and webmotors, which have significantly contributed to the company's growth.
Regional Performance
In Australia, CAR Group saw a 13% increase in revenue and adjusted earnings, driven by strong demand for used cars and the adoption of higher-value products. The North American market also performed well, with proforma revenue up 16% and proforma EBITDA up 18%. In Asia, the company reported a 17% increase in revenue and a 13% rise in adjusted EBITDA, while Latin America saw a remarkable 31% growth in proforma revenue and a 39% increase in proforma EBITDA.
CEO Commentary
CEO Cameron McIntyre expressed pride in the company's achievements, noting the strength and resilience of CAR Group's business model. He highlighted the successful performance of recent acquisitions in Brazil and the United States, which are expected to drive long-term value for shareholders. McIntyre also emphasized the company's commitment to technological innovation and delivering excellent outcomes for customers.
Outlook for FY25
Looking ahead, CAR Group expects to continue its growth trajectory, with good growth anticipated in revenue, adjusted EBITDA, and adjusted NPAT on a constant currency basis. The company plans to maintain similar adjusted EBITDA margins and invest in technological advancements to further enhance its market position.
The strong financial performance of CAR Group is likely to positively impact its stock price, as investors gain confidence in the company's growth potential and strategic direction. The significant increase in revenue and earnings across all key markets underscores the resilience and strength of CAR Group's diversified business model.
Investor Reaction:
Analysts are expected to react positively to CAR Group's financial results, given the double-digit growth in revenue and earnings. The company's strategic acquisitions and technological investments are likely to be viewed favorably, contributing to a positive outlook for future performance.
Conclusion:
Investors should consider CAR Group's strong financial performance and growth potential when making investment decisions. The company's commitment to innovation and market leadership positions it well for continued success. Stay informed on CAR Group's developments and market trends to make informed investment choices.