Car Group’s shares have dipped to a near one-month low on Thursday following the announcement that long-term chief executive officer Cameron McIntyre will step down next month. He will be replaced by current chief financial officer William Elliott. In afternoon trade, shares were down 2.9 per cent. If the trading day closes at this level, it would mark the lowest point since June 20. Car Group provides automotive services, connecting buyers, sellers, and manufacturers in the car industry. The company also offers a range of software and data solutions.
E&P analyst Entcho Raykovski noted that McIntyre’s departure was somewhat surprising, considering his nine-year tenure. However, Raykovski added that Elliott is a capable and well-regarded replacement among investors. The analyst anticipates a neutral market reaction to the leadership transition, especially with FY25 guidance aligned with consensus expectations, and does not expect any earnings issues to arise from the transition.
Car Group has provided updated earnings guidance, projecting an adjusted net profit between $376 million and $380 million for the 2025 fiscal year. This is in line with the consensus estimate of $377.8 million. The company also anticipates revenue for the fiscal year to range from $1.181 billion to $1.185 billion, representing an 8 per cent increase. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) are projected to be between $618 million and $622 million.
