Turners Automotive Group Limited (TRA) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Okay, we've clicked over 10.30, so we'll get on with things. So welcome everyone this morning. Thanks for taking the time to join the call today. Looks like we've got a good solid group of people online, so thank you very much. Usual team presenting, so Aaron Saunders with me, the group CFO, and myself, Todd Hunter, the group CEO. So we'll go through The results, then we'll open up for Q&A at the end, so people can just use the raise hand function. Great to see James and Kieran have already got their hands up, so I look forward to that. Or alternatively, you can just use the chat, and we can see the questions come up. So either is good for us. And we'll just open the audio as well. So I think you can probably just do it yourself. We'll sort that out when we get to the end. So let's sort of kick off with things. I think we're really pleased with the six months just completed. Another record result for the business, highlighting yet again the consistent earnings trajectory for the group. Turner's has continued to grow earnings despite what's felt like a very, very challenging macro environment for us to operate in. particularly the change from the beginning of the calendar year into that April, May, June period. We've seen vehicle margins growing, finance has been an absolute standout result, and insurance has delivered really good growth as well. And we've also taken a number of steps, which Aaron will go into, to improve our capital effectiveness. In short, I think this is another great result for Turner's. Yeah, the used car market itself has recovered somewhat over the last year, but really the big change has been the reduction in used imports coming into the country, and that's sort of driven the fastest ageing of the fleet than we've ever seen before. And largely...