Company warns the current half-year performance will be materially behind last year’s record-breaking figures.
The Colonial Motor Company is predicting its trading profit before tax for the six months to the end of December will be considerably lower than the $26.5 million figure it achieved in the same period a year earlier.
However, Ashley Waugh, chairman, says the company still expects trading profit for the period to outperform the $18.2m recorded in the December 2020 half year.
His comments came in a guidance update issued to the NZX on December 22. It follows record half-year and full-year profits for Colonial in 2021-22.
Waugh, pictured, explains: “At the 2022 annual meeting [in November] we advised that the forecast half-year result to December 31, 2022, while tracking behind last year's record, was anticipated to be a solid result.
“The group remains on track to deliver a solid result although it will be materially behind last year, but ahead of the $18.2m December 2020 half-year result.”
Colonial’s half-year result to December 31, 2022, is expected to be announced in February 2023.