2 Cheap nets $1.7m quarterly profit

2 Cheap Cars has reported its net profit after tax (NPAT) for June was about $500,000, although it notes trading has been weaker since.

The company advises the figures are from its unaudited management accounts and show NPAT of about $600,000 for each of April and May, which means a total of about $1.7 million for the first quarter of the 2027 financial year.

Michael Stiassny, chairman, says: “The company would not ordinarily provide a trading update based on a single month’s performance and is providing it in the context of currently being subject to a takeover offer and to keep shareholders updated during this time. 

“The board cautions that the results for any individual month, or other short period, do not provide a reliable basis from which to extrapolate the company’s performance for the remainder of the financial year. 

“Trading conditions remain volatile, and the company is not providing FY27 earnings guidance.”

The August 4 trading update to the NZX adds that 2 Cheap Cars’ July management accounts have not yet been finalised. 

“However, as noted in the independent adviser’s report released on July 27, 2026, trading in July to the date of that report had been weaker than the first quarter,” says Stiassny, pictured. 

The company does not expect its July management accounts to be finalised before August 14 and intends to release a further trading update once those have been completed and reviewed.

Sena & Co Ltd, the majority shareholder in 2 Cheap Cars, has made an offer to acquire all fully paid ordinary shares of the company it doesn’t already own.

An offer document was lodged on July 27 under the Takeovers Code, and shareholders have until the end of August 24 to respond to the 80c-per-share cash proposal.

Sena & Co already holds 75.9 per cent of ordinary shares and is wholly owned by members of the Sena Family Trust, of which David Sena – 2 Cheap Cars’ chief executive officer and director – is a trustee and beneficiary.