20 July 2016 – agm statement
A reassuring AGM statement has been released with trading for the full year on course to be in line with expectations. Profitability in the four month period to 30 June 2016 was ahead of the prior year and in line with expectations. Total revenues have increased by 21.5%, aided by higher revenues from acquired dealerships and continued organic growth with like-for-like revenues up 8.4%. Total gross profit increased by 23.6% and like-for-like gross profit increased by 8.7%. Group and like-for-like gross margins improved due to higher used car and service margins. We feel that the share price represents very good value and rate the shares as a BUY.