Bapcor, the automotive parts group behind brands like Autobarn, Autopro, and Burson, has announced that trading in May and June was weaker than expected. This announcement coincided with $50 million in post-tax writedowns and the departure of three directors. Bapcor is a leading provider of automotive parts, accessories, equipment, and services across the Asia Pacific region. The company operates a network of retail stores, trade outlets, and service centres.
The company anticipates a statutory net profit of between $31 million and $34 million for the 2024-25 financial year. This reduction is attributed to the weaker trading performance and the aforementioned writedowns, which primarily relate to obsolete inventory and restructuring costs. Chief Executive Officer Angus McKay, who assumed the role in August of the previous year, stated that significant restructuring efforts have been undertaken to simplify the business, which has temporarily disrupted trading, particularly within the networks segment.
According to McKay, 45 sites have been closed or relocated as part of the restructuring process. Sales figures for the 2024-25 period indicate a 3.5 percent decline in the retail business, while the trade division, spearheaded by Burson, experienced a 1.4 percent increase. However, the trade business also experienced a slowdown in May and June.
In addition to the financial updates, Bapcor announced the resignations of three directors: Mark Bernhard, Brad Soller, and James Todd. These changes in leadership, combined with the financial adjustments, signal a period of significant transition for the automotive parts group.
