Summary
| Financial Year Ends 31st March |
2018 |
2017 |
| |
£’000 |
£’000 |
| Continuing operations*: |
|
|
| Revenue |
213,725 |
212,581 |
| Underlying** EBITDA |
3,510 |
4,158 |
| Underlying** profit before tax |
1,390 |
2,051 |
| Profit before tax from sale of business |
- |
4,684 |
| Profit before tax (including discontinued operations) |
1,165 |
6,282 |
| |
p |
p |
| Underlying** earnings per share |
45.6 |
58.0 |
| Earnings per share |
38.2 |
186.3 |
| Proposed final dividend per ordinary share |
15.00 |
15.00 |
| Dividend per share for the year |
22.50 |
22.50 |
Overview
- Like-for-like new car unit sales down 9.2% against a 12.5% fall in our market sector
- Like-for-like used car unit sales flat against 2017
- Revenue from continuing operations up 0.5% to £213.7 million
- Underlying profit before tax reduced to £1.4 million (2017: £2.1 million) in challenging market conditions
- Recommended dividend per ordinary share for the year maintained at 22.5 pence (2017: 22.5 pence)
- Property portfolio revaluation as at 31 March 2018 showed a £10.3 million (2017: £10.1 million) surplus to net book value (not recognised in the accounts)
Commenting on the results, Simon Caffyn, Chief Executive said:
"We closed the year with a strong performance in the registration-plate change month of March and entered the current financial year with a stronger forward-order book than in the previous year, which is a source of encouragement, although we remain cautious about the outlook for the current year and recognise our dependence on the key trading months of September and March."
Only other ask would be to replace the two asterisk sections underneath the main table with the test below.
* Following a business disposal that occurred in the previous financial year, in April 2016, the results have been presented between continuing and discontinued operations.
** Underlying profit before tax for the year represents profit before tax of £1,165,000 adjusted for non-underlying charges of £225,000 (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 £935,000 (see note 6) and depreciation charges of £1,185,000.