The Peter Warren Automotive Holdings Ltd (ASX: PWR) share price is one of the stronger performers on the ASX today.
This follows a positive trading update released by the Australian automotive dealership company.
Peter Warren Automotive shares soared 8.5% higher to a high of $3.80 before losing ground slightly to $3.69 at time of writing.
In comparison, the All Ordinaries Index (ASX: XAO) is travelling 0.77% higher to 7,331 points, just shy of its all-time high of 7,419 points.
FY21 trading update
In a statement to the ASX, Peter Warren Automotive advised it is experiencing stronger than expected trading conditions.
This has been supported by unusually increased market demand, which has outstripped vehicle supply throughout the month of May.
As a result, Peter Warren Automotive has improved its forecast for the financial year ending 30 June 2021.
Profit before tax (PBT) for FY21 is expected to be in the range of $54 million to $57 million. Previously, the company projected PBT of $45 million in its prospectus forecast.
Peter Warren Automotive noted the above guidance is based on no significant changes in its current supply schedules.
The company's full-year result is expected to be released in August.
About the Peter Warren Automotive share price
Founded in 1958, Peter Warren Automotive is an Australian family-owned company that deals in new and used vehicles.
In addition, the group offers aftermarket services, car servicing, parts and accessories, vehicle financing, and insurance.
The group runs 70 franchise operations across 27 brands spanning 17 locations throughout south-west Sydney, Northern NSW and southern Queensland.
Since listing late last month at $2.90 apiece, Peter Warren Automotive shares have accelerated to gain 31%.
On valuation metrics, Peter Warren Automotive commands a market capitalisation of roughly $591 million, with 166.5 million shares on issue.
