Caffyns turned in a robust efficiency within the half yr to 30 September 2024 with a four-fold improve in pre-tax income to £213,000 (£44,000) on revenues up 3% to £137.7m.
Underlying revenue earlier than tax was £452,000 in comparison with £259,000 final time, together with earnings of £0.14 million from the sale of a personalised numberplate.
Given the financial backdrop and the adjustments within the motor retail market, the Board thought-about the consequence an excellent consequence.
Its revenue efficiency from new vehicles and aftersales was robust however used automobile profitability remained “severely constrained” because of the shortage of provide of one- to four-year-old vehicles.
Nevertheless, inflationary pressures on prices remained elevated and, specifically, the rise to the Nationwide Minimal Wage in April positioned important upward strain on staffing prices, which alone elevated by £0.7 million within the interval.
The group introduced that it has exchanged contracts for the sale of the Firm’s freehold premises in Lewes.
Simon Caffyn, chief govt, mentioned: “I am pleased that, despite increased costs and a difficult trading environment, we have improved our underlying EBITDA and profit before tax.”
