Business
Preliminary Results
Preliminary Results.
About this update from Caffyns Plc
[{"type":"text","content":"\n Caffyns PLC\n02 June 2006\n\n\nPreliminary results of Caffyns plc\n\nfor the year ended 31 March 2006\n\n\nCaffyns plc, the leading motor distributor covering fourteen car franchises in\nthe south-east of England, announces its preliminary results for the year ended\n31 March 2006.\n\n\n 2006 2005\n\n £'000 £'000\n\n• Sales 160,076 155,684\n\n• Operating profit before exceptional items 1,172 2,473\n\n• Operating profit after exceptional items 2,144 2,063\n\n• Profit before tax 1,030 2,860\n\n• Earnings per share - basic 26.3p 68.4p\n\n• Proposed final dividend 16.0p 16.0p\n\n• Dividend per ordinary share 24.0p 24.0p\n\n\nProfits for year affected by business reorganisation caused by failure of MG\nRover\n\n\nNon-recurring VAT rebate in previous year's result further affected comparative\nprofit before tax and earnings per share\n\n\nFull year dividend maintained at 24.0p\n\n\nPhysical restructuring of the business near completion\n\n\n\nCommenting on these results, Chief Executive Simon Caffyn said:\n\n'Although the profits for the year ended March 2006 were significantly affected\nby our refranchising and redevelopment programme, we have now largely completed\nthe physical restructuring of the business. After a difficult period adversely\naffecting profits, we have advanced our strategy and grown our representation\nwith our most successful franchises. Subject to a stable economy, profits will\nrecover steadily over the next two years.'\n\n\nEnquiries: Tel: 01323 730201\n\nSimon Caffyn Chief Executive\n\nMark Harrison Finance Director\n\n\n\n\n\nChairman's Statement\n\n\nThe year to March 2006 has been a challenging one following the demise of MG\nRover in April 2005. I am pleased to be able to report that despite reduced\nprofits before tax for the year of £1,030,000, we start our new trading year in\ngood health with a strong cash flow and a very promising portfolio of\nfranchises.\n\n\nThe management team have worked hard to minimise the damage caused by the MG\nRover closures and they have been successful in securing new franchises. We have\nnearly completed the redevelopment work and can now concentrate on building the\nbusinesses to the expected levels of profitability from these refranchised\nlocations.\n\n\nAfter several years of growth, the new car market has been in decline for over a\nyear now. Ho...