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MotorCycle Holdings Ltd (ASX:MTO) rides FY18 results high

Two men riding motorcycles along road

Motorbike dealership small cap MotorCycle Holdings Ltd (ASX: MTO) handed down its annual report and FY18 results today with its NPAT falling 2% on FY17 to $9.1 million.

MotorCycle Holding shares were up 5% at the time of writing to $3.36.

According to the report EBITDA rose 21.3% for the year, with revenue up 28.5% but overall operating expenses also rose 42.3%.

Despite challenging market conditions total motorcycle sales did rise 9% and MotorCycle Holdings will issue a fully-franked final dividend of 6.5c – totalling 12c per share for the year.

Wilsons and Morgans both placed a buy rating on MotorCycle Holdings last month, but the company only met the lower end of Wilson’s EBITDA estimates of between $19 million and $20 million on an underlying basis – with an underlying EBITDA of $19.8 million.

Elsewhere in the automotive arena ARB Corporation Limited (ASX: ARB) shares have been on the incline since reporting its results last week with GUD Holdings Limited (ASX: GUD) also on the up on the day before its dividend pay date.

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