Unaudited interim results for the six months ended 31 August 2014
Interview with Robert Forrester, Chief Executive commenting on the record interim results.
Record trading performance driven by recently acquired businesses and favourable market conditions particularly in used cars and service areas
Growth strategy progressed with addition of six further sales outlets since 1 March 2014
Like-for-like new retail volume increase 11.8% and ahead of the market
Like-for-like volumes of fleet cars rose 12.4% and commercial vehicles rose 28.6%, both with market share gains
Like-for-like used vehicle volumes increased 11.6%
Lower overall Group gross margin due to higher proportion of vehicle sales
Lower core Group
(2) gross margins in new retail, fleet and commercial vehicle sales as Manufacturer supply push into the UK increases volumes Increase in core Group used car gross profit per unit of 6.8% as pricing disciplines are maintained
Service revenues up 4.4% in the core Group, reflecting ongoing success of customer retention strategy
Service margins strengthened due to strong core Group margins, up to 76.4% from 75.7%
(2) Core : Dealerships that have traded for two full consecutive financial years.
The Board anticipates full year results will be in line with market expectations
Continued strong trading performance in September, with a 9.3% like-for-like new retail volume increase against an increase in UK private registrations of 5.9% - market share gains continue
September service revenues grew 8.6% in the core Group
Peter Jones starts as Chairman on 1 January 2015
Strong pipeline of acquisition opportunities
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