Announcement

GENERAL: TRA: Turners continues to deliver strong dividends 09:00a.m. 
TRA  
23/09/2019 09:00  
GENERAL  
PRICE SENSITIVE  
REL: 0900 HRS Turners Automotive Group Limited  
 
GENERAL: TRA: Turners continues to deliver strong dividends  
 
Company Announcement  
 
23 September 2019  
 
Turners continues to deliver strong dividends with Q1 interim dividend of  
four cents per share  
 
The Board of Turners Automotive Group Limited (NZX: TRA) has declared the  
first quarterly dividend for  
FY20 of 4 cents per share, fully imputed, with a record date of 15 October  
2019 and a payment date of 22 October 2019. In addition, the Board advises  
that it expects full year dividends to be at a level not less than FY19 (17.0  
cps fully imputed).  
 
Chairman Grant Baker said: "We are very confident in the growth strategy we  
have recently laid out and are already executing. This will be the seventh  
year of solid dividends, under scoring our reputation and track record on  
delivering an attractive yield for investors. We believe paying a dividend at  
the levels achieved in FY19 is sustainable based on our recent trading  
performance and our outlook for the business."  
 
The dividend pay-out policy was increased to 60% to 70% of Net Profit after  
tax to shareholders in May 2019, reflecting the board's confidence in the  
sustainability of earnings.  
 
Turners CEO, Todd Hunter, said: "Turners continues to deliver strong profits  
and ranks in the top 10 NZX companies for gross dividend yield. Based on a  
share price of $2.60 the dividend yield is in excess of 9% reflecting great  
value for yield and growth investors particularly against the backdrop of an  
increasingly low yield environment. 1Q trading conditions were robust and all  
business divisions tracking ahead of budget and ahead of FY19 at end of Q1."  
 
Ends  
End CA:00341363 For:TRA Type:GENERAL Time:2019-09-23 09:00:13  

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