Summary

    Restated
  2019 2018
  £’000 £’000
Revenue 209,246 215,868
Underlying* EBITDA 3,982 3,510
Underlying* profit before tax 1,445 1,390
(Loss)/profit before tax (428) 1,165
  p p
Underlying* earnings per share 35.3 45.6
(Deficit)/earnings per share (21.0) 38.2
Proposed final dividend per ordinary share 15.00 15.00
Dividend per share for the year 22.50 22.50

 * Underlying profit before tax for the year represents loss before tax of £428,000 adjusted for non-underlying charges of £1,873,000 (see note 5). Underlying results exclude items that have non-trading attributes due to their size, nature or incidence. Underlying EBITDA represents Underlying profit before tax adjusted for interest charges of £1,181,000 (see note 6) and depreciation charges of £1,356,000 (see notes 11 and 12).

Overview

  • Like-for-like new car unit sales down 10.0% against a 2.8% fall in our market sector
  • Like-for-like used car unit sales up 5.9% against 2018
  • Aftersales revenue up 7.4% against 2018
  • Revenue down 3.1% to £209.2 million
  • Underlying profit before tax increased to £1.45 million (2018: £1.39 million)
  • Recommended dividend per ordinary share for the year maintained at 22.5 pence (2018: 22.5 pence)
  • Property portfolio revaluation as at 31 March 2019 showing an £11.2 million (2018: £10.3 million) surplus to net book value (not recognised in the accounts)

Commenting on the results, Simon Caffyn, Chief Executive said:
"Despite a challenging year, underlying profit before tax increased to £1.45 million from £1.39 million in the previous year."