Caffyns Regulatory News (CFYN)

15 Mar 2006 07:00

Caffyns PLC14 March 2006 PROPERTY DISPOSAL Caffyns PLC ("the Company") announces that it has today exchanged contracts withWestern Ridge Seaford Limited for the sale of its vacant freehold site atSeaford. The consideration of £1,477,500 is payable in cash on 2 May 2006. Thebook value of the property is £618,000 and the profit on the sale, net ofdisposal costs, will be approximately £825,000. The proceeds will be applied in reducing the Company's borrowings. TRADING UPDATE The Chairman reported in the Company's Interim Statement of 25 November 2005that the process of reorganisation following the demise of MG Rover wasprogressing. The refranchising of dealerships in Tonbridge and Uckfield should be completedby May and the re-development of the Worthing site should be completed byAugust. The building works at these and other former MG Rover sites have causedconsiderable disruption to trading. In addition, the new franchises have beenestablished in a period when there has been a further reduction in demand in theprivate consumer market in which the Company operates. As a result, the Board anticipates that after taking into account the profit onthe sale of the Seaford property, the result before tax in the second half ofthe current financial year will be broadly breakeven. 14 March 2006 Enquiries: Simon CaffynChief Executive Mark HarrisonFinance Director Telephone: 01323 730201 This information is provided by RNS The company news service from the London Stock Exchange