Turners Auctions, which transacts about 10 per cent of the New Zealand used vehicle market, has beaten its annual profit forecast after widening its scope beyond auction sales, and lifting sales of insurance and finance.
Net profit rose 14 per cent to $NZ4.8 million ($A4.47 million) in calendar 2013, the Auckland-based company said in a statement on Thursday.
That's an improvement from the company's estimate in November for profit to rise about 10 per cent. Revenue increased 14 per cent to $NZ89.2m.
In 2013, revenue from the company's higher-margin fleet division, where vehicles are acquired and on-sold by Turners, surged 30 per cent to $NZ46.9m.
Revenue from auctions, where Turners sells on behalf of a customer, fell one per cent to $NZ36.3m.
"Our goal is to grow our market share by creating more opportunities to source and sell vehicles," chairman Michael Dossor said.
Shares in Turners jumped 10 per cent to $NZ2.59, their highest level since October 2005. The stock was listed in 2002, following an initial public offering at $NZ1.50 apiece.
The company will pay a nine NZ cents a share final dividend, up from eight NZ cents in the year earlier period.
