27th Nov 2020 15:42
Caffyns PLC - Eastbourne, Sussex-based car dealership - First half pretax profit jumps to GBP1.4 million from GBP56,000 a year before. Revenue falls 14% to GBP85.4 million from GBP99.0 million, but operating expenses slashed by 20% to GBP9.6 million from GBP12.0 million. Cancels interim dividend, compared to 7.5 pence payout last year.
"The underlying profit before tax of GBP1.5 million was a significant improvement on the GBP170,000 recorded for the comparative period in 2019. Pent-up customer demand and improved operational efficiencies resulted in a strong performance for the four months to September, more than outweighing the negative impact of the lockdown of the business in April and May," Chief Executive Simon Caffyn says.
Current stock price: 390.00 pence
Year-to-date change: down 2.9%
By Paul McGowan; [email protected]
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