Caffyns PLC - Half-year Report

Summary

 

6 months to

30 September

2018

6 months to

30 September

2017

 

£'000

£'000

 

 

 

Revenue

105,019

106,504

 

Underlying EBITDA

2,367

1,817

 

 

 

Underlying profit before tax

1,185

743

 

 

 

Profit before tax

704

682

 

 

 

 

Pence

Pence

 

 

 

 

 

 

Underlying basic earnings per share

34.3

20.8

 

 

 

Basic earnings per share

17.6

19.1

 

 

 

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."