AM Online

Growth on the agenda despite drop in profits for JCT600

JCT600 is preparing for further expansion despite a fall in pre-tax profits, blamed almost entirely on a decline in used car values.

Chairman Jack Tordoff announced pre-tax profits were last year £1.3m lower at £5m, while turnover was up £9m to £240m. About £900,000 of the reduced profit was due to extra depreciation and inventory adjustments required to realign demonstrators and used cars to current values.

The reduction in used car stocks meant the group's balance sheet was the strongest ever, with gearing at 44%.

Mr Tordoff added: “We have ample funds available for expansion and we are already looking at a couple of good opportunities.” JCT's new car sales rose 6% with gross profits up 5%. Used car sales were 1% higher.

If you are not a registered user your comment will go to AM for approval before publishing. To avoid this requirement please register or login.

Comment as guest

Login  /  Register


No comments have been made yet.