Record half year profits

Full year results anticipated to be in line
with market expectations

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Unaudited interim results for the six months ended 31 August 2017

Robert Forrester interview on latest results

Robert commenting on the results

Robert Forrester interview on sector issues

Robert commenting on the Sector issues

August 2017 Analyst & Investor Presentation

Download the August 2017 Analyst & Investor Presentation.

Robust performance gives confidence for the full year

  • Revenues of £1.45bn (2016 H1: £1.45bn)
  • Group gross margin 11.0% (2016 H1: 11.1%)
  • Record profit before tax up 29.4% to £24.2m (2016 H1: £18.7m)
  • Adjusted profit before tax up 7.2% to £20.9m (2016 H1: £19.5m)
  • Adjusted earnings per share of 4.24p (2016 H1: 4.06p)

Performance is underpinned by continued focus on managing expenses

  • Like-for-like savings of £0.8m achieved in operating expenses despite well-publicised cost headwinds
  • Operating expenses as a % of revenue reduced to 9.5% from 9.6%
  • Return on sales strengthened to 1.5% (2016 H1: 1.4%)

Capital discipline is reflected in increasing returns to shareholders

  • 3.8m shares repurchased at an average of 42.8 pence per share deploying £1.6m of cash
  • Share buy-back programme to continue for up to a further £3 million
  • Interim dividend up 10% to 0.55p per share (2016 H1: 0.50p)

Opportunities for continued growth funded by sector leading balance sheet

  • Period end net cash of £20.8m (2016 H1: £12.9m)
  • Freehold and long leasehold property portfolio of £175.0m
  • Sale and leaseback property transaction demonstrates inherent value in the property portfolio

Encouraging outlook for growth

  • Aftersales outlook strong with 104,142 active service plans (2016 H1: 97,427)
  • Used car residual values strengthening due to reduced supply into the market
  • Further realisations of surplus property expected over next 12 months
  • Following the September trading performance full year adjusted profit before tax anticipated to be in line with market expectations

Results Past and Present

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