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Caffyns issues interim management statement

Caffyns has issued an interim management statement declaring the ongoing progress of the group since publishing its end of year results.

"We continue to make steady progress, but remain mindful of pressures on consumers as a result of the upward movement in interest rates, which are currently forecast to continue," it said.

Last month Caffyns exchanged contracts for the sale of its vacant freehold site in Hove, Sussex, conditional upon planning, for £4.5m.

"We have also exchanged contracts for the sale of our vacant freehold site in Worthing, Sussex, conditional upon satisfactory demolition of the existing building and environmental remediation of the site which it is hoped will be completed by the end of our financial year. The consideration of £1.075m is due in cash when these conditions have been satisfied."

The south-eastern group published its end of year results at the beginning of June, showing sales of £176m, up from £160m. It also postedan operating profit of £2.5m.

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