Automotive Holdings Group (ASX:AHG)
, Chief Financial Officer Phil Mirams, provides an overview of the its FY2015 financial performance and its automotive and refrigerated logistic businesses.
With a sustained history of sustained growth, its Automotive division outperformed the wider market in WA in the FY2015 financial year. the overall automotive business continues to perform well in Q1 of FY2016, on the back of strong growth in East Coast markets offsetting weakness in WA.
Its New Zealand operation is performing well with strongest month ever in September 2015, and the acquisition of Mercedes Benz now approved by manufacturer and expected to settle end of October 2015.
The VW emissions scandal is a watching brief but minimal impact on current operations (AHG has 5 VW dealerships out of a total of 105)
To the refrigerated logistics business. The market continues to be challenging but significant increase in demand occurring as we head into Christmas period. Cold store utilisation volumes are significantly higher, the investment in core technology infrastructure well advanced and progress in consolidating trading sites and eliminating duplicated functions is well advanced. Substantive activities in relation to cost down and efficiency initiatives with a dedicated project structure now in place...