28th Jun 2016 08:25
LONDON (Alliance News) - BCA Marketplace PLC on Tuesday said it generated GBP1.15 billion in revenue in the fifteen months ended April 3, beating market expectations in its maiden set of full-year results as a listed company, and BCA said it has begun the new financial year well.
The company, which operates the British Car Auctions brand and which listed in London in April last year, said its pretax profit came in at GBP3.9 million for the fifteen months, as cost of sales were GBP822.5 million and operating costs were GBP292.3 million.
BCA Marketplace said the results for the fifteen month period represented twelve months of trading since the takeover of the BCA Group business in April 2015. The company, which was created as cash shell Haversham Holdings before the takeover of British Car Auctions, gave a prior period of the eight months from incorporation to December 31, 2014, in which it generated a pretax loss of GBP300,000 due to operating costs.
BCA Marketplace declared a maiden full-year dividend of 6.00 pence per share, and noted that it has seen good performances in all its operations. BCA Marketplace said its business continued to trade well since April 3, in line with market expectations.
BCA Marketplace also Tuesday named David Lis as a independent non-executive director, effective immediately. Lis also serves as a non-executive director for manufacturer Melrose Industries PLC and investment trust Electra Private Equity PLC.
"We are pleased to announce this strong set of maiden results, exceeding market expectations and delivering an attractive dividend. Our physical infrastructure, market-leading IT systems, valuation tools, data and most especially our customers and experienced and committed employees are at the heart of our business and have supported this strong performance in our first full year as a listed group," said Executive Chairman Avril Palmer-Baunack.
Shares in BCA Marketplace were up 2.4% at 163.25p on Tuesday.
By Hannah Boland; [email protected]; @Hannaheboland
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