5 August 2014 – interim results
In the six months to 30 June, the UK’s leading car retailer has produced a strong performance with underlying revenues up 2.7% at £2.07bn and underlying profit before tax rising by 39% to £32.8m. Earnings per share on the same basis were 41% ahead at 1.72p and, as a sign of confidence in prospects, the interim dividend was tripled to 0.3p. All parts of the business, new and used car sales as well as aftersales, have done well, benefiting from the strong market. The group’s strong cash flow and solid balance sheet will allow further expansion of the dealership network and we continue to rate the shares as a BUY.