Australia's Eagers Automotive Faces Operational Hurdles After Cyber Security Incident

On Friday, Eagers Automotive of Australia announced that a cyber incident affecting some of its IT systems is currently impacting the finalization of transactions for specific new vehicles that have been sold and are ready for delivery.

Australia has witnessed a concerning surge in cybersecurity breaches over the past year, prompting the government to undertake reforms in cybersecurity regulations. In February of this year, the country established an agency to oversee government investment and facilitate coordinated responses to cyber attacks.

Eagers noted that the operational impact of the cyber incident varies across regions and business units in both Australia and New Zealand. The financial repercussions for fiscal 2023 primarily stem from the postponement in recognizing these transactions during the last five days of December, according to the automotive retailer's statement.

While the deferred transactions are anticipated to impact the company's statutory profit before tax for fiscal 2023, Eagers clarified that the impact is not expected to be significant. The company expressed confidence that these deferred transactions will be duly recognized in the 2024 financial year after being appropriately finalized within their systems.

Despite the cyber incident, Eagers remains optimistic about achieving a record underlying operating profit before tax for the 2023 financial year.

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