Car parts and pumps business GUD Holdings has made a full-year net profit of $101.8 million, turning around a $7.3 million loss a year earlier, after a boost from the sale of cleaning product division Oates.
GUD’s net profit for 2017/18 benefited from a $51.5 million profit on the disposal of Oates to German-owned Freudenberg Household Products in December.
However, revenue from continuing operations was also up 11 per cent to $397 million, with the gain coming entirely from GUD’s its automotive parts and accessories businesses.
The auto division includes Ryco oil filters, AA Gaskets, Disc Brakes Australia and Narva and Projecta car accessories.
Managing director Jonathan Ling said the strong performance of the automotive group and recent acquisitions was a pleasing result aldngside the Oates sale, which had allowed GUD to cut its debt.
‘Our group is well placed to continue to fund both organic growth and growth through further acquisitions’ he said.
Revenue for pumps and pool products business Davey, which makes up about nine per cent of the group’s earnings, declined by one per cent.
GUD shares closed six cents, or 0.4 per cent, lower at $13.90.
AUTO DRIVES GUD FY18 AFTER CLEAN-UP ON OATES:
* Net profit up $101.8m up from $7.3m loss
* Revenue up 11pct to $396.7m
* Final dividend up 3 cents to 28 cents, fully franked