8 May 2019 – final results
The automotive retailer has announced its annual results for the year to 28 February which have revealed a 6.7% increase in revenues to £3bn, whilst adjusted pre-tax profits have fallen to £23.7m (2018: £28.6m). Earnings per share fell to 5.45p (2017: 6.31p) and the dividend for the year was raised to 1.6p per share (2018: 1.5p). Adjusted net cash at the period end was £22.9m (2018: £32.1m). The group has a strong balance sheet to fund future growth and the major capital expenditure programme is now largely complete, thus aiding future free cash flow generation. Clearly the outlook for the industry is uncertain with Brexit being a major issue but the company is confident about its prospects over the longer term as a major player in the industry and with the shares standing on a modest rating and offering an attractive dividend yield of 4.6% they remain a BUY.