Caffyns saw its revenues rise by 6.4% to £201.5 million and its adjusted profit before tax increase by 68% to £1.44m for its preliminary results for the year ended March 31, 2011.
Used car unit sales were up 7.1% across the group on a like-for-like basis and aftersales saw turnover increase by 4.9% on a like-for-like basis.
The south-east based retailer has nine car franchises and closed seven “non-strategic” operations last year.
Simon Caffyn, Caffyns chief executive, said: “Our new car market share improved, used car sales rose by 7.1% and aftersales turnover was up 4.9% in a declining market and our concentration on improving operational processes in our core businesses is beginning to produce sustained profit improvement.
“The major restructuring exercise has produced a more profitable core business with fewer, better businesses, improved gearing and market share.
“Our strategy is to focus on premium and premium-volume franchises and we are now in a position to invest in new opportunities in these sectors.”
- The impact of Caffyns' results on its standing in the AM100 will be revealed in the forthcoming analysis of the top 100 dealer groups in the UK by turnover at the AM100 Dinner on June 16 at Chesford Grange, Warwickshire, and in the dedicated feature in the June issue of our magazine.