Commercials lead in Colonial result

Commercials lead in Colonial result

jim_gibbons110x150Colonial Motor Company has released its financial results for the second half of 2014, with revenue up but profits down slightly as lower dairy prices and a competitive market hit its bottom line.

Revenue for the group, which has truck, tractor and automotive retail and servicing operations, was up 15% over the same period of 2013, at $410.4m – including the contributions of Jeff Gray BMW, that was acquired during the period.

Company trading profit was down 3% from the second half of 2013 to $8.355m.

In the results commentary, chairman J P Gibbons says commercials lead the way.

“Within this the heavy and light commercial segments had the greatest growth,” Gibbons says. “The Ford Ranger was a stand-out success, becoming the top selling utility and light commercial in New Zealand.

“Our heavy truck brands, DAF and Kenworth, had combined sales of over 400 heavy trucks for the calendar year for the first time.”

Gibbons says, however, that a competitive car market has impacted profitability in passenger car retail.

“Heavy trucks on the other hand have continued with growing sales and profitability,” he says, noting tractors as the exception. “The drop in dairy payouts has impacted on our tractor business.”

Expansion at the Southpac Trucks Manukau facility continues. The extended parts warehouse has been completed and work will soon commence on the new parts supermarket showroom and sales office.

Southpac Trucks had a strong six months with increased sales, profitability, and franchise recognition. In January 2015, Southpac was recognised by DAF in Holland when it was named the best performing overall DAF dealer in the 49 export markets outside of the European Economic Union.

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