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IN BRIEF: Caffyns price down with annual profit fall; outlook cautious

2nd Jun 2023 10:17

Caffyns PLC - Eastbourne, Sussex-based car dealership - Revenue for the year ended March 31 rises 12% to GBP251.4 million from GBP223.9 million. Pretax profit falls to GBP3.1 million from GBP4.4 million. The company says that whilst there was a drop, this figure still remained significantly ahead of that reported in the years running up to the pandemic, and was achieved without government support on business rates that was implemented during. Caffyns declares final dividend of 15.0 pence per share, unchanged from the prior year. Looking forward, the company says it remained confident in its prospects and ready to exploit business opportunities, but notes with caution the "challenges that inflationary pressures and higher interest rates will have on our cost base".

"Our manufacturers are well placed for the future with a pipeline of market-leading electric new car product due to come to market over the next few years," says Chief Executive Simon Caffyn.

Current stock price: down 12% at 480.00 pence

12-month change: down 20%

By Will Neill, Alliance News reporter

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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