Chief executive John Adair blames tough trading conditions that have impacted on the group’s performance.
“In these prevailing conditions we continue to focus on reducing costs and this action allied to new products should lead to some improvement in the second half,” he says.
In April, William Jacks admitted it had a tough year ahead and said recovery of new car volumes would be critical. However, retail sales have continued to fall, hitting William Jacks particularly hard – they account for two-thirds of its customers. The company is now aiming to increase its corporate business to compensate.
“Margins for both new and used also remain under competitive pressure,” Adair adds.