Monday, June 02, 2008
Caffyns nearly doubles pre-tax profits
VAT rebate helps offset £197,000 trading loss
Caffyns, ranked 52 in the Motor Trader Top 200, nearly doubled pre-tax profits in the year ended 31 March 2008 despite making a trading loss.
Profit before tax reached £2.58m, up from £1.44m in 2007, which was equivalent to a 79 per cent rise and principally due to VAT refunds worth £2.78m.
Aside from the exceptional items the dealer group made a trading loss of £197,000, despite a 3.4 per cent rise in turnover to £182m.
Gross profit remained virtually unchanged year-on-year at almost £25m.
Caffyns’ chairman Brian Carte blamed difficult trading conditions in the latter part of the year for the poor underlying result and warned that moving forward the market would remain challenging. “The year ahead promises to be difficult for all retailers,” said Carte.
DATED: 02.06.08
FEED: MT
Caffyns, ranked 52 in the Motor Trader Top 200, nearly doubled pre-tax profits in the year ended 31 March 2008 despite making a trading loss.
Profit before tax reached £2.58m, up from £1.44m in 2007, which was equivalent to a 79 per cent rise and principally due to VAT refunds worth £2.78m.
Aside from the exceptional items the dealer group made a trading loss of £197,000, despite a 3.4 per cent rise in turnover to £182m.
Gross profit remained virtually unchanged year-on-year at almost £25m.
Caffyns’ chairman Brian Carte blamed difficult trading conditions in the latter part of the year for the poor underlying result and warned that moving forward the market would remain challenging. “The year ahead promises to be difficult for all retailers,” said Carte.
DATED: 02.06.08
FEED: MT
