Interim Results

Caffyns PLC
29 November 2000



                                            INTERIM RESULTS

                                    For the half year ended
                                          30 September 2000


CAFFYNS PLC

Interim results for half year to 30 September 2000

Summary                                                                       
      
       
        Operating profits in half year of  £1,131,000 (1999 - £1,472,000).

        Exceptional gains of £1,149,000 arising in
        first half year on disposal of two branches.

        Pre-tax profits (after exceptional gains) of £2,005,000 
        (1999 - £1,077,000).

        Interim dividend of 5.5p per ordinary share (1999 -5.5p).

        Flood damage caused to three branches in Uckfield and
        Lewes during October 2000 has given rise to losses of
        approximately £900,000 (before tax relief), which will be
        charged as an extraordinary item in the second half year.

 


CAFFYNS PLC

Chairman's statement


Turnover in the half year to 30 September 2000 was £72.70M
against £76.39M the previous year.  The reduction was in
part due to two branch closures together with the disruption
of moving to a new site in Ashford.  Operating profit was
£1,131,000 against £1,472,000 the year before.  Exceptional
gains of £1,149,000 arising in the first half year on the
disposal of the two branches led to pre-tax profits of
£2,005,000 (1999 £1,077,000).

It must be emphasised that the exceptional gains will be
offset in the second half by an extraordinary item arising
from the cost of flood damage at three branches in October
estimated at £900,000 (before tax relief).

In the light of the general trend of reported profits in the
sector I consider this to be a satisfactory result.  The
delay in publication of the Competition Commission findings
led to new car purchasers delaying and this also had a knock-
on effect with sales of secondhand cars.  Further, with the
end of our pension fund contributions holiday we incurred a
charge of £125,000 in the period.

Despite these factors we are cautiously optimistic that the
year-end result will be comparable to that of last year.
However in this climate of constant change we can never be
certain.

Your Directors have agreed to pay an unchanged Interim
Dividend of 5.5p per ordinary share amounting to £183,000.
This will be paid on 16 January 2001 to shareholders on the
Register at 5.00pm on 15 December 2000.



A.M.Caffyn                                   29 November 2000
Chairman
CAFFYNS PLC

Consolidated profit and loss account
For the half year ended 30 September 2000


                          Unaudited           Unaudited         Audited
                    Half year to 30     Half year to 30       Year to 31
                     September 2000      September 1999       March 2000
                               £000                £000             £000

Turnover                     72,700              76,392          147,305

Operating profit              1,131               1,472            2,842

Exceptional items (see Note)  1,149                   -                5
                              2,280               1,472            2,847

Interest payable               (275)               (395)            (696)
Profit before tax             2,005               1,077            2,151

Tax                            (150)               (156)            (345)
Profit after tax              1,855                 921            1,806

Dividends                      (234)               (234)            (601)
Transfer to reserves          1,621                 687            1,205

Earnings per share
     - basic                   54.3p               26.2p           51.3p
     - diluted                 53.9p               25.9p           50.7p
Dividend per ordinary share     5.5p                5.5p           15.0p


There were no recognised gains or losses other than the
profit for the period.

Note: The exceptional items are gains on the sale of
properties (net of closure costs).  The losses arising from
the floods which occurred in October 2000 amounting to
approximately £900,000 (before tax relief) will be charged
in the full year's profit and loss account as an
extraordinary charge.



CAFFYNS PLC

Consolidated balance sheet
At 30 September 2000

                        Unaudited     Unaudited      Audited
                      30 September  30 September    31 March
                              2000          1999        2000
                              £000          £000        £000

Fixed assets
Tangible assets             23,834        24,184      24,077

Current assets
Stock                       19,449        22,039      21,647
Debtors                      5,077         8,794       5,895
                            24,526        30,833      27,542
Creditors: amounts falling
due within one year
Short term borrowings        2,728         3,959       4,311
Obligations under finance      123           112         118
leases
Other                       15,449        19,603      17,924
                            18,300        23,674      22,353

Net current assets           6,226         7,159       5,189

Total assets less           30,060        31,343      29,266
current liabilities     


Creditors: amounts falling due
after more than one year
Long term borrowings         1,000         3,000       1,000
Obligations under              241           362         306
finance leases
Other                        2,869         4,177       3,631
                             4,110         7,539       4,937

Provision for liabilities      150           150         150 
and charges
             
Total assets                25,800        23,654      24,179

Capital and reserves
Called up share capital      2,899         2,897       2,899
Share premium account           58            53          58
Revaluation reserve          4,577         5,558       5,419
Profit and loss account     18,266        15,146      15,803
Shareholders' funds         25,800        23,654      24,179

Reconciliation of movement in shareholders' funds

                         Unaudited           Unaudited           Audited
                   Half year to 30     Half year to 30        Year to 31
                    September 2000      September 1999         March 2000
                              £000                £000               £000

Profit for the period        1,855                 921              1,806
Dividends                     (234)               (234)              (601)
                             1,621                 687              1,205

Issue of shares                  -                   -                  7
Opening shareholders' funds 24,179              22,967             22,967
Closing shareholders' funds 25,800              23,654             24,179

CAFFYNS PLC

Consolidated cash flow statement
For the half year to 30 September 2000

                        Unaudited         Unaudited       Audited
                   Half year to 30   Half year to 30   Year to 31
                    September 2000    September 1999   March 2000
                              £000              £000         £000
Cash inflow from
operating activities
Operating profit             1,131             1,472        2,842
Adjustment for               1,149                 -            5
exceptional item
Depreciation                   449               433          894
(Profit)/loss on Sale       (1,241)                6          (68)
of fixed assets
Decrease in stocks           2,198               502          894
Decrease/(increase)            818              (362)       2,535
in debtors
(Decrease)/increase         (3,149)            2,080         (218)
in creditors
                             1,355             4,131        6,884
Returns on investments and servicing
of finance
Interest paid                 (275)             (395)        (696)
Preference dividends paid      (50)              (47)         (98)
                              (325)             (442)        (794)

Taxation paid                 (106)              (56)        (302)

Capital expenditure and
financial investment

Purchase of tangible        (2,324)           (1,035)      (1,582)
fixed assets
Sale of tangible             3,359                  -         267
fixed assets       
                             1,035            (1,035)      (1,315)

Equity dividends paid         (316)             (299)        (483)

Cash inflow before financing 1,643             2,299         3,990
Financing
Issue of shares                  -                 -             7
Capital element of             (60)              (54)        (104)
finance leases
Repayment of amounts        (1,250)                -        (3,498)
borrowed
                            (1,310)              (54)       (3,595)
Increase in cash in            333             2,245           395
the period

Reconciliation of net cash flow to movement in net debt

Increase in cash               333             2,245           395
in the period
Cash outflow from decrease   1,250                 -         3,498
in debt
Cash outflow from capital       60                54           104 
repayments of finance leases

Movement in net debt         1,643             2,299         3,997
in period
Net debt at beginning       (5,735)           (9,732)       (9,732)
of period
Net debt at end of period   (4,092)           (7,433)       (5,735)







CAFFYNS PLC

Notes to the interim results
For the half year to 30 September 2000




1    Basis of preparation


     The interim financial information has been prepared in
     accordance with applicable accounting standards and
     under the historical cost convention except that
     certain freehold properties are shown at their revalued
     amounts.

     The principal accounting policies of the group have
     remained unchanged from those set out in the group's
     2000 annual report and financial statement.

     The results for the half years ended 30 September 1999
     and 2000 are unaudited and do not constitute statutory
     accounts. The financial information for the year ended
     31 March 2000 has been abridged from the statutory
     accounts which have been filed with the Registrar of
     Companies and on which the auditors have given an
     unqualified audit opinion.

     The interim financial statements have been reviewed by
     the company's auditors. A copy of the auditors' review
     report is set out below.

2    Earnings per share

     Basic earnings per share has been calculated on the
     profit after taxation and preference dividends on the
     3,323,702 average number of shares in issue. The
     diluted earnings per share is based on the same profit
     as the basic earnings per share and 3,348,677 diluted
     average number of shares.

3    Dividends

     (a)  Ordinary shares of 50p each
     
     The interim dividend proposed at the rate of 5.5p per
     share (1999 - 5.5p) is payable on 16 January 2001 to
     shareholders on the register at the close of business
     on 15 December 2000. The shares will be marked ex-
     dividend on 11 December 2000.
     
     (b)  Preference shares

     Preference dividends have been paid in October 2000.
     The next preference dividends are payable in April
     2001.

4    Approval

     The directors approved this interim statement on 29
     November 2000.

5    Interim Statement

     The interim statement will be posted to ordinary and
     preference shareholders by 8 December 2000. Copies
     will also be available to the public at the registered
     office of the Company at Saffrons Rooms, Meads Road,
     Eastbourne BN20 7DR.
     



INDEPENDENT REVIEW REPORT TO CAFFYNS PLC

Introduction

We have been instructed by the company to review the
financial information set out on pages 3 to 6 and we have
read the other information contained in the interim report
and considered whether it contains any apparent
misstatements or material inconsistencies with the financial
information.

Directors' responsibilities

The interim report, including the financial information
contained therein, is the responsibility of, and has been
approved by the directors.  The Listing Rules of the
Financial Services Authority require that the accounting
policies and presentation applied to the interim figures
should be consistent with those applied in preparing the
preceding annual accounts except where any changes, and the
reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance
contained in Bulletin 1999/4 'Review of Interim Financial
Information' issued by the Auditing Practices Board.  A
review consists principally of making enquiries of
management and applying analytical procedures to the
financial information and underlying financial data and,
based thereon, assessing whether the accounting policies and
presentation have been consistently applied unless otherwise
disclosed.  A review excludes audit procedures such as tests
of controls and verification of assets, liabilities and
transactions. It is substantially less in scope than an
audit performed in accordance with Auditing Standards and
therefore provides a lower level of assurance than an audit.
Accordingly, we do not express an audit opinion on the
financial information.

Review conclusion

On the basis of our review we are not aware of any material
modifications that should be made to the financial
information as presented for the six months ended 30
September 2000.

Grant Thornton
Chartered Accountants

Brighton
29 November 2000