SIXTH CONSECUTIVE RECORD PROFIT FOR AP EAGERS

AP EAGERS (ASX: APE) will beat guidance with its sixth-consecutive record profit when it reports its full year results in late February.

In an update released to the ASX this morning, the Brisbane-based company says it will achieve a statutory net profit before tax of $141.4 million for the 12 months to 31 December 2016, an increase of 17 per cent on the previous year's figure of $121 million.

It exceeds the company's forecast profit of between $135-$140 million announced in November 2016.

Net profit before tax is expected to be $137.5 million compared to $126.4 million for 2015, which is an increase of 9%.

The final results are subject to completion of external audit review and asset fair value assessments.

The company says preliminary assessments indicate there will not be any material adjustment to profit and loss.

The result will be released on 22 February 2017, following completion of external audit review.

AP Eagers is trading up 1.13 per cent at 8.990 in eary trading this morning, on a day when the market is in the red.

Business News Australia