7th Jun 2024 12:10
Caffyns PLC - Eastbourne, Sussex-based car dealership chain - Swings to GBP1.5 million pretax loss in the financial year that ended March 31 from a profit of GBP3.1 million the year before. Revenue rises 4.2% to GBP262.1 million from GBP251.4 million, but Caffyns takes financing and service costs related to its defined-benefit pension scheme and make property-value impairments. Underlying operating profit more than halves to GBP2.1 million from GBP4.8 million. "The used car market suffered a significant price correction in the final calendar quarter of 2023 which, along with interest rates and energy costs at elevated levels and inflationary pressures on the cost base, had a detrimental impact on our second half performance," explains Chief Executive Simon Caffyn. Read More
