UK car dealer group Caffyns profits declined in its first half as it coped with the fall-out from the collapse of MG Rover but said its restructuring has now been completed.
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The website whatinvestment.co.uk said Caffyns reported a pre-tax profit of GBP829,000 for the six months to September compared with GBP922,000 a year earlier, on turnover of GBP85.4m, up from GBP81.5m.
“The physical restructuring of the properties affected by MG Rover is now complete and we can enjoy our first six month period free from the disruption of refranchising programmes,” chairman Brian Carte quoted as saying.
“We are still some way from delivering the full potential of our new franchises but can now concentrate on doing so without distraction, which should lead to an improved trading performance for the year,” reportedly added Carte.
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