Shares in spare car parts business Bapcor Limited (ASX: BAP) are up 2 per cent in afternoon trade after the company held its annual general meeting today and confirmed it's tracking to profit growth above 30 per cent over financial year 2018.
Bapcor shares have more than doubled in value since 2015 thanks to its organic and acquisitive growth that produced a profit of $53.6 million on revenues of $1.01 billion over financial year 2017. The company paid 13 cents in dividends per share over the year and mapped out pro forma earnings per share of 26.5 cents including the accretive effects of its acquisition spree.
The wholesale and retail spare car parts market remains relatively fragmented and Bapcor today reported low-to-mid-single digit same-store sales growth across its core auto parts trade business for the quarter ending September 30 2017.
This is a respectable result given others in the retail sector have been hammered on the back of softer Australian macro-economic conditions.
