Turnover increased from £85.5m to £95m. Profit before tax and exceptional items are also ahead of last year at £759,000 against £643,000. Profit before tax after exceptional items is up to £3,585,000 from £829,000 last year. This substantial increase was largely the result of a £3m repayment for overpaid VAT from HM Revenue and Customs. The amount received comprised the claim of £1.4m and interest of £1.6m.
Brian Carte, chairman of Caffyns, said: “We are now half way into our three year recovery programme and considering the inflationary pressures on consumers of higher interest rates and fuel costs, it is encouraging to see a substantial increase in turnover.
“Significant investment has been made in our franchised dealerships and growth in turnover will in time be followed by an improvement in performance.”
Carte said the company was currently refurbishing its Audi Centre in Brighton to enlarge the showroom and service bay. To accommodate the expansion, Caffyns has closed its bodyshop business at the Audi Centre and transferred the facilities over to its Hailsham bodyshop to continue servicing Volkswagen and Audi customers.
Carte added: “The underlying position of the company is fundamentally strong, allowing us to build our businesses and to look forward to a further improved performance when the economy returns to a more stable level.”