Caffyns pre-tax profits jump

Caffyns posts underlying profit before tax of £1.01 million for the six months to the end of September - up 2.3% on last time.

Revenues rose to £105.2m from £95.5m and the group made a profit before tax on business disposal of £4.68 million. Profit before tax was 221% at £5.49 million (2015: £1.71 million).

Other highlights:

- Like-for-like new car unit sales up by 2.2%

- Like-for-like used car unit sales up by 11.8%

- Basic earnings per share up 220% to 164.3 pence (2015: 51.4 pence)

- Adjusted earnings per share up 1.0% to 30.2 pence (2015: 29.9 pence)

- Net bank borrowings significantly reduced to £5.39 million (2015: £9.80 million)

- Increased interim dividend declared of 7.50 pence (2015: 7.25 pence)

Chief executive Simon Caffyn said: "Following a solid trading performance in the first six months, the Group finished the period with cash reserves and low gearing and is now ideally placed to exploit future business opportunities. These funds will enable us to invest further in Caffyns Cars, our in-house brand of used cars, with the recent acquisition of 2.1 acres of land in Ashford and also in a new site to expand our Audi business in Worthing."