AM Online

Caffyns is back in the black

AM100 dealer group Caffyns has hauled itself back into profit following its third turnaround in a decade.

The publicly listed company, which has dealerships in the south of England, posted pre-tax profits of just under £1m from sales of £189.4m in its financial year ended March 31 2010.

That compares to a £4.4m loss from £158.6m sales in the previous year.

New car unit sales increased 42%, while used car unit sales grew 4.3%, both on a like-for-like basis.

Aftersales income also increased by 5.5%, helped by continued investment in training and enhanced processes and CRM led by a centralised marketing team.

Chief executive Simon Caffyn said: "Revenues increased 19% last year and we achieved a notable return to profitability. In what remain uncertain times, both in the car industry and the wider economic environment, we recorded a significant turn-around in business performance to achieve a profit before tax of £1m.

“We have a strong balance sheet and are well placed to continue developing existing businesses and consider other selective opportunities."

Caffyns' franchises include Audi, Volvo, Jaguar, Land Rover, Ford, Vauxhall, Skoda, Chrysler, Volkswagen, Nissan and Citroen.

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