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Slow first quarter causes turnover drop at Caffyns

Sussex dealer group Caffyns made pre-tax profits of £1.5m for the six months to September, a 12 per cent drop on the same period in 2002.

Due to a slower than expected first quarter, turnover dipped from £79m to £76m but there was good news for the group with operating profits up 2.2 per cent to £1.7m due to a strong second quarter.

The group acquired the Audi dealership covering Eastbourne in July and is currently redeveloping its Volkswagen dealerships in Haywards Heath and Eastbourne to cater for increased demand.

“Our profit before tax is a good result after the slow June quarter and we are positioned to perform well in our second half. We are continuing to explore opportunities to develop further our franchise representation,” says Caffyns chairman, Brian Carte.

“The new block exemption regulation is now in operation and I am please to report that we have signed new contract for all our dealerships. As always, much depends on the economy and, in particular, the consumer reactions to upward movement in interest rates.”

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