Summary
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6 months to 30 September 2018 |
6 months to 30 September 2017 |
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£'000 |
£'000 |
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Revenue |
105,019 |
106,504
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Underlying EBITDA |
2,367 |
1,817 |
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Underlying profit before tax |
1,185 |
743 |
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Profit before tax |
704 |
682 |
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Pence |
Pence |
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Underlying basic earnings per share |
34.3 |
20.8 |
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Basic earnings per share |
17.6 |
19.1 |
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Interim dividend per ordinary share |
7.50 |
7.50 |
Note: Underlying results exclude items that have non-trading attributes due to their size, nature or incidence. Underlying EBITDA of £2,367,000 (2017: £1,817,000) represents Operating profit before non-underlying items of £1,730,000 (2017: £1,203,000) and Depreciation and amortisation of £637,000 (2017: £614,000).
Financial and operational review
· Underlying profit before tax up 60% to £1.19 million (2017: £0.74 million)
· Profit before tax up 3% to £0.70 million (2017: £0.68 million)
· Like-for-like new car unit sales down by 10.4% against a 1.9% fall in UK retail and small business market segment registrations with deliveries heavily impacted by stock shortages caused by the new emissions-testing regulations, commonly referred to as WLTP
· Like-for-like used car unit sales up by 6.7%
· Aftersales revenues up by 9%
· Adjusted basic earnings per share up 65% to 34.3 pence (2017: 20.8 pence)
· Basic earnings per share down 8% to 17.6 pence (2017: 19.1 pence) due to property impairment charge
· Net bank borrowings higher at £12.2 million (2017: £10.3 million) reflecting investments in premises
· Interim dividend maintained at 7.50 pence (2017: 7.50 pence)
Simon Caffyn, Chief Executive, commented:
“I am pleased to say that the half-year ended 30 September 2018 delivered an improved result with used cars and aftersales performing well.“