AM Online

EMH bullish about prospects

European Motor Holdings has released preliminary results showing a rise in pre-tax profit of 15 per cent on last year.

The figures for the year ended February 28 show profit before exceptional items and tax up by 15 per cent to £18.0 million (2005, £15.7 million) and profit before tax £18.5 million (2005, £30.5 million).

EMH also says its acquisitions in the year are performing well and ‘slightly ahead’ of expectations – plus there has been a record start to the new financial year.

Chief executive Richard Palmer said: "We have produced record trading profits (before exceptional items) in a period in which the new car market fell by 5 per cent - an outstanding achievement.

Our established businesses increased their profits by 10% on a like-for-like basis, our recent acquisitions are performing well and we expect to make further progress in the next 12 months."

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