7:59 am, November 26, 2021
Dealer group Caffyns has confirmed it made an improved profit of £2.3m in the first half of the year.
Accounts published via the London Stock Exchange show the historic group, founded in 1865, enjoyed a turnover of £110.8m in the six months to the end September.
The figure is a 30 per cent improvement compared to the same period in 2020, when Caffyns had a turnover of £85.4m.
The document, posted this morning (Friday), also shows that pre-tax profit has improved by around 38 per cent.
During the same period last year, the group made £1.41m but that has now shot up to £2.3m this time around.
In terms of trading, Caffyns saw new car deliveries in the period rise by 12 per cent with used car sales volumes up by 36 per cent.
The group also reported a 21 per cent rise in aftersales revenues.
The six month period also saw the firm start representing both MG and and Lotus in Ashford Kent. Bosses say they are happy with the start both businesses have made after opening in July.
Major outgoings included £700,000 upgrading its Volvo site in Eastbourne, East Sussex.
Simon Caffyn, Chief Executive of Caffyns, said: ‘Our results to September benefited from an unprecedented used car performance.
‘We have also implemented greater operational efficiencies throughout the group and I am proud of the way our operational and support teams have risen to the challenges to deliver this strong performance.’
In the six months covered by the accounts, Caffyns benefited in the period from the government’s business rates holiday for retail premises with savings of £500,000 compared to £600,000 last year.
Savings will continue until March 2022, albeit at a lower level.
The company also utilised the government’s Coronavirus Job Retention Scheme, receiving around £100,000 in furlough cash compared to £1.7m in the same period last year.
