AGM Statement

28 Jul 2005 12:47

Caffyns PLC28 July 2005 FOR IMMEDIATE RELEASE CAFFYNS PLC CHAIRMAN'S STATEMENT TO AGM JULY 2005 At the 96th Annual General Meeting of the Company held today, the Charman, MrBrian Carte, commented as follows: Trading in our first quarter was inevitably impacted by the ongoingrefranchising of the MG Rover business but I am encouraged by overall salesactivity in July. Our provisions to cover the demise of MG Rover are proving prudent and haveenabled us to make a quick and controlled exit from the franchise. We have closed two small MG Rover dealerships and they have been marketed forsale attracting strong interest. The remaining six sites are in the process ofbeing refranchised. As I mentioned in my Chairman's Statement, Robert Caffyn retired on 1 June 2005and I would again like to pay tribute to his considerable contribution and thankhim for all his advice over the years. Although, the economic outlook remains uncertain, we are making good progressnot only with our refranchising activity but also with our redevelopment workand assimilation of new dealerships into the Group. We will continue to focus on these issues during a year which is expected to bedifficult, to ensure we emerge stronger and better placed to enjoy theanticipated improved outlook in 2006. END This information is provided by RNS The company news service from the London Stock Exchange