Capricorn returned $82.8 million in value to its 26,000 plus Members across Australia and New Zealand during the 2023 financial year. This included the distribution of more than $50.1 million in Capricorn Rewards Points earned by Members from purchases of almost $3.4 billion from Capricorn Preferred Suppliers. This extraordinary sales result represented an increase of 16% compared to the Member purchases made in 2022.
As everything that Capricorn does is for the benefit of its Members, a trade rebate of $17 million was paid to Members in the form of Capricorn Bonus Rewards Points for trade account purchases made throughout the year. Member shareholders also shared in Capricorn’s 2023 financial year profit by receiving a 7% dividend payment which was fully franked in Australia and partially franked in New Zealand.
The total Member distributions paid from Capricorn sales generated in 2023 represents the highest ever return that Capricorn has provided to its Members in the company’s almost five decades of highly successful co-operative structured automotive aftermarket based operations.
Along with the significant growth in automotive parts and business essentials product sales through Capricorn trade accounts during the past twelve months, Capricorn Mutual Limited wrote $121.9 million in gross written protection. In addition to this, Capricorn Insurance Services wrote $20.6 million in gross written protection. These results testify the competitiveness, efficiencies and customer service that Capricorn Members are accessing by using their own specifically tailored risk protection and financial services options.
The year also saw the announcement of an exciting new Capricorn joint venture with leading global automotive tech company Repairify. This joint venture enables Capricorn to provide world class remote automotive diagnostics and ADAS calibration capabilities to Australian and New Zealand automotive repairers, service centres and collision repairers.
The Capricorn executive management team, led by Group CEO David Fraser, has diversified with the inclusion of a Chief Technology Officer, Mary Karborani, Chief Experience Officer Jacky Mills, Chief People and Culture Officer Kerryn Gavin and Chief Innovation Officer Kim Radalj. These roles are working alongside the CEO of Automotive, Bradley Gannon and CEO of Risk, Rod Scanlon, leading Capricorn to continue delivering the best possible results for its Members.
Capricorn will be spreading these messages of success and more to its Members across Australia and New Zealand at its annual Gala Dinner and Tradeshow events being held through to the end of the year.
“2023 was a truly outstanding year of growth for Capricorn and all of our Members. We have managed to generate significant business growth both for our Members and for our highly valued Preferred Suppliers,” stated Capricorn Group CEO, David Fraser.
“As an organisation that is committed to the long-term success of our Members, we also continued to grow our business support, financial and risk protection offerings over the past 12 months. This is an ongoing process of constant development across all of our operations,” Mr Fraser added.
More than 26,000 Capricorn Member automotive repair, sales and service businesses across Australia and New Zealand continue to benefit from being part of the region’s strongest performing co-operative structured organisation. To find out more about becoming a Capricorn Member, visit capricorn.coop/join.