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.