Last checked at 29 Jul 2010 11:30
Caffyns plc ("the Company")
AGM INTERIM MANAGEMENT STATEMENT
29 July 2010
Brian Birkenhead, Chairman of Caffyns plc, the leading motor distributor covering 12 car franchises in the south east of England, will make the following Interim Management Statement at the Company's Annual General Meeting at 11.30am today:
"Trading Update
In our first quarter to 30 June 2010 our revenue and profits are ahead of our plan and prior year, continuing the improvements that resulted in the significant turnaround last year.
Despite the conclusion of the UK Government's scrappage scheme, our new car unit sales in the first quarter of this year are up 39% on last year, against a reported rise of 9.6% in our market of private and small business sales. Forward orders into August and beyond for the September plate change are running ahead of last year's orders at this date, confirming that we have so far been successful in replacing scrappage scheme sales with ordinary retail sales.
The used car market has proved harder in the quarter to 30 June 2010, with prices generally falling. Our used car unit sales are down 1% on last year.
Aftersales results are in line with last year's performance, showing good retention of existing customers.
The Board remains cautious about the outlook for our market for the rest of the financial year. However, the actions that we took last year, and continue to take this year, have strengthened our operations and structure. This has allowed us to adapt more quickly to the variable economic environment and enabled us to continue our improved operating performance."
Enquiries:
Caffyns plc Simon Caffyn, Chief Executive Tel: 01323 730201
The HeadLand Consultancy Tom Gough Tel: 0207 367 5228