...auto (electric or not) and auto-related/dependent stocks are not the place to be at this point of economic cycle. Car dealer group Peter Warren Auto in profit warning
Simon Evans
Car dealership group Peter Warren Automotive has issued a profit warning, saying margins are being squeezed by more competition in the sector as sales slow amid a household cost-of-living squeeze.
The company said underlying profit before tax was now expected to be between $52 million to $57 million for the 12 months ended June 30. It follows a profit warning last week from the largest car dealership group in Australia, Eagers Automotive.
Peter Warren, which listed in 2021, mainly operates in the Sydney and Queensland market. It also said interest costs had been rising compared with the previous year.
