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Company Announcement 18 November 2021 Turners . Automotive Group Turners delivers 24 % increase in HY22 earnings , despite COVID - 19 disruption Key Financial Metrics : Revenue $ 166.8m + 13 % Normalised NPBT $ 24.5m + 55 % • • • NPBT $ 23.2m + 24 % • NPAT $ 16.9m + 26 % • Earnings per share 19.6 cps + 25 % Q2 dividend declared at 5.0 cps + 25 % Highlights • • • • • Used car market remains resilient , proven by better than expected consumer demand during L3 lockdowns . Continued gains in margin and market share during Q1 led to another step up in profit performance from April to July , followed by disrupted Q2 due to COVID - 19 lockdowns . Benefitted again in most recent lockdown from geographic and earnings diversification . Despite COVID - 19 lockdowns we have continued to invest and develop our competitive moat , which is positioning us for an even stronger performance post lockdown . Expect net profit before tax for FY22 to be in the range of $ 40m - $ 42m ( assuming current L3 / L2 restrictions ease over the coming months ) . Based on the current dividend payout policy of 60-70 % of NPAT we anticipate full year fully imputed dividends of 22 cents per share based on full year profit before tax of $ 40m . Our conviction levels are very high to exceed our target for $ 45m of NPBT in FY24 and we will revisit our FY24 target at year end . Turners Automotive Group ( NZX / ASX : TRA ) delivered strong earnings growth in HY22 despite COVID - 19 lockdowns disrupting the second quarter , with the results demonstrating the improvement that has been made in the business over the last few years . The Group's geographic and earnings diversification have underpinned a 24 % increase in NPBT and contributed to a strong and sustainable yield . Todd Hunter , CEO , said : " The start to our FY22 year could not have been any better . Our plans were well executed by the team and we experienced significant uplift in results up until August with record months for operating profit . We had serious momentum , which was obviously curtailed with the COVID - 19 lockdowns . However , we have seen results steadily improve from the second half of August through to October and this gives us confidence that with further easing of restrictions we will see our business perform similar to pre - lockdowns . Despite these current disruptions , our conviction levels are very high to exceed our target of $ 45m of NPBT in FY24 . " Financial results Reported NPBT , which is the basis for Turners ' full year guidance , increased 24 % to $ 23.2m with net profit after tax ( NPAT ) of $ 16.9m , up 26 % on the same period last year . Normalised NPBT was up 55 % to $ 24.5m ( refer to reconciliation of reported and normalised numbers on slide 13 of the investor presentation , also published today ) . Earnings per share for HY22 were 19.6 cps , up 25 % on the previous year . The Board declared a Q1 dividend of 5.0 cps in October and a further 5.0 cps has been declared for Q2 , taking HY22 dividends to 1