Summary
| Financial Year Ends 31st March |
2017 |
2016 |
| £’000 | £’000 |
| Continuing operations*: |
|
|
| Revenue |
212,581 | 186,401 |
| Underlying** EBITDA | 4,158 |
3,591 |
| Underlying** profit before tax |
2,051 |
1,465 |
| Profit before tax from sale of business |
4,684 |
- |
| Profit before tax (including discontinued operations) |
6,282 |
2,635 |
|
p |
p |
| Underlying** earnings per share |
58.0 |
48.8 |
| Earnings per share |
186.3 |
90.1 |
| Proposed final dividend per ordinary share |
15.00 |
14.50 |
| Dividend per share for the year |
22.50 |
21.75 |
* Following a business disposal that occurred in April 2016, the 2017 results have been presented between continuing and discontinued operations. To allow for comparative information to be presented consistently, the 2016 results have been restated. Further detail is provided in the notes below.
** Underlying results exclude items that have non-trading attributes due to their size, nature or incidence.
Highlights
- Like-for-like new car unit sales up 9.3% against a 1.0% fall in our market sector
- Like-for-like used car unit sales up 15.9%
- Revenue from continuing operations up 14% to £212.6 million
- Underlying profit before tax up 40% to £2.05 million (2016: £1.47 million)
- Underlying earnings per share up 19% to 58.0p (2016: 48.8p)
- Disposal of Land Rover business in Lewes, retaining its freehold premises, for cash consideration of £7.5 million and a pre-tax profit of £4.68 million
- Recommended dividend per ordinary share for the year increased by 3.4% to 22.5 pence
- Property portfolio revaluation as at 31 March 2017 showed a £10.1 million surplus to net book value (not recognised in the accounts)
Commenting on the results, Simon Caffyn, Chief Executive said:
“I am delighted that we have grown our underlying profit before tax by 40%. Our businesses performed well in what was a challenging marketplace.”