As part of the Morgans Conversation – Morgans Adviser Chris Titley caught up with Darryl Abotomey, CEO of Bapcor about their past and what they want to achieve in the future.
HISTORY: “We Started over 40 years ago with Burson, floated in 2014 with about 90 locations.. since then we’ve grown to over 800 locations in Australia, NZ and Thailand.
RESULTS: “We’ve had a really good run in that.. if you look at any of the financials it’s been a continued success story…and the outlook is still good”
ACQUISITION STRATEGY : “Firstly It’s got to be within the strategy of the business.. and the second thing is that it has to show the financial returns we expect… You need to be careful not to be romantic with a deal ..for every one we do we walk away from three of four”
CULTURE: “The business has always had a family culture.. I do birthday cards for nearly everyone in the business.. we have 4000 people in the business.. we allow people the flexibility to do what they know is the best thing to do”
OUTLOOK: “The business has got huge opportunity ..Burson , when we started out with 90 stores, had a target of 175 at IPO , we are now at the level and we want to go to 230.. The Autobarn stores are at 130, we want to go to 200..the other key KPI is own brands, and we are currently sitting at 23% in trade, we want to go to a minimum of 35%. It doesn’t matter which segment we look at within our business, they all have the same basic formula to grow which says we should continue to perform”