Peter Warren Automotive Holdings Ltd (AU:PWR) has released an update.
Peter Warren Automotive Holdings Limited anticipates a decline in FY24 profits, projecting earnings between $52m to $57m, below market expectations, due to increased vehicle supply, competitive dealership pricing, and rising interest costs in a challenging market. Despite the slide in new car margins, the company has seen growth in vehicle sales, service and parts, and expects to leverage these areas to maintain performance above pre-Covid levels. The firm remains focused on its growth strategy, including potential acquisitions, backed by a strong balance sheet and low debt levels.
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