Caffyns Plc - Final Results

Caffyns plc

Preliminary Results for the year ended 31 March 2019

 

Summary

 

 

2019

Restated 

2018

 

£'000

£'000

 

 

 

Revenue

209,246

215,868

  

 

 

Underlying* EBITDA

3,982

3,510

 

 

 

Underlying* profit before tax

1,445

1,390

 

 

 

Loss/(profit) before tax

(428)

1,165

 

 

 

 

p

p

 

 

 

Underlying* earnings per share

35.3

45.6

 

 

 

(Deficit)/earnings per share

(21.0)

38.2

 

 

 

Proposed final dividend per ordinary share

15.0

15.0

 

 

 

Dividend per share for the year

22.5

22.5

 

* Underlying profit before tax for the year represents loss before tax of £428,000 adjusted for non-underlying charges of £1,873,000 (see note 5). Underlying results exclude items that have non-trading attributes due to their size, nature or incidence. Underlying EBITDA represents Underlying profit before tax adjusted for interest charges of £1,181,000 (see note 6) and depreciation charges of £1,356,000 (see notes 11 and 12).

       

 

Overview

 

·    Like-for-like new car unit sales down 10.0% against a 2.8% fall in our market sector

·    Like-for-like used car unit sales up 5.9% against 2018

·    Aftersales revenue up 7.4% against 2018

·    Revenue down 3.1% to £209.2 million

·    Underlying profit before tax increased to £1.45 million (2018: £1.39 million)

·    Recommended dividend per ordinary share for the year maintained at 22.5 pence (2018: 22.5 pence)

·    Property portfolio revaluation as at 31 March 2019 showing an £11.2 million (2018: £10.3 million) surplus to net book value (not recognised in the accounts)

 

Commenting on the results, Simon Caffyn, Chief Executive said:

"Despite a challenging year, underlying profit before tax increased to £1.45 million from £1.39 million in the previous year."