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Caffyns profit jumps on cost cuts; remains cautious on outlook

By BFN News | 09:57 AM | Friday 27 November, 2020


Automotive retailer Caffyns said profit jumped in the first half of the year as lower costs eased the hit to revenue from the government lockdown measures to curb the virus spread. For the six months ended 30 September, pre-tax profit jumped to £1.4 million from 56,000 year-on-year, while revenue fell 14% to £85 million. The weaker revenue was attributed to business activity that was heavily restricted in two of the six months of the period, the company said. The issue of Brexit remained unresolved and may adversely impact on both its supply of new cars, and customer demand, in the final quarter of our financial year to 31 March 2021, the company said. 'Given these uncertainties, the board remains cautious of the outcome for the full financial year.' At 9:57am: (LON:CFYN) Caffyns PLC share price was 0p at 270p Story provided by StockMarketWire.com

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