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Caffyns first-half profits rise to £2m

Caffyns nearly doubled pre-tax profits in the six months to September 30 compared to the same period last year, from £1.1m to £2m, bolstered by the sale of two dealerships for close to £1.5m.

Chairman Alan Caffyn called it a “satisfactory result” in light of the difficult trading conditions caused by the new car pricing issue.

He was “cautiously optimistic” that the year-end result would compare with last year, but warned that “in this climate of change we can never be certain”.

Caffyns lost an estimated £900,000 due to flood damage at three dealerships in East Sussex, resulting in the closure of a Land Rover and a Rover outlet in Lewes. The losses will be charged as an extraordinary item in the second-half results.

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