Business
Trading Statement & timetable for results and AGM
Trading Statement & timetable for results and AGM.
About this update from Caffyns Plc
[{"type":"text","content":"\n \n \n RNS Number : 9974N\n Caffyns PLC\n 27 May 2020\n \n \n \n \n Caffyns plc (\"Caffyns\" or the \"Company\")\n \n \n \n \n \n Trading update\n \n \n \n \n \n and\n \n \n \n \n \n Expected dates for publication of full year results and AGM\n \n \n The final trading days of the Company's financial year to 31 March 2020 were impacted materially when the Company was required to temporarily close all its car showrooms and most of its aftersales operations on 24 March 2020, following UK Government restrictions implemented to deal with the nationwide covid-19 pandemic. With our showrooms closed, only on-line and telephone sales operations were able to continue, alongside three aftersales operations which provided essential support for key workers. As would be expected, this had a significant adverse impact on the financial performance for March 2020, a key month for the Company due to the bi-annual registration plate change on the first of that month. However, as previously reported, trading in the period until the beginning of March 2020 was broadly in line with the Board's expectations and, subject to the finalisation of certain audit review procedures which can only be completed once trading has recommenced, the Board still expects to report an underlying profit for the year to 31 March 2020.\n \n The Company has now re-started its aftersales operations at all its sites and in line with Government permission, will re-open showrooms from 1 June 2020. It is anticipated that such a re-opening will allow the Company and its auditors to complete all necessary audit procedures to enable the Company to announce its full year \n results on 17 July 2020. On that basis, the Annual General Meeting will be scheduled for 24 September 2020.\n \n In response to the impact of covid-19, the Company has implemented numerous cost saving measures across many areas of the business, including making extensive use of the Government's Job Retention Scheme, with approximately 80% of employees furloughed in April. The number of furloughed employees has reduced in May and is expected to reduce further in June once the showrooms are able to re-open. As part of the cost savings exercise, an annual salary ceiling of £37,500 was implemented for all active employees, including the executive directors and the chairman of th...