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Caffyns turned in a strong performance in the year to March 2021 with profits of £1.4m compared to £103,000 last time on turnover down 16% to £165.1m.
Like nearly all dealer groups during the year it cut costs, invested in digital and availed of government schemes to help the business get through the pandemic with showrooms closed in successive shutdowns.
Turnover was impacted by the pandemic with like-for-like new car unit deliveries down by 10%, like-for-like used car unit sales down by 19.4% and like-for-like aftersales revenues down 11.5% to £16.2m.
During the year it added three new brands to our portfolio, In Eastbourne it took on LEVC, based in premises adjacent to our Volvo business.
LEVC, alongside Volvo, is part of the Zhejiang Geely group and supply battery-powered taxis and vans.
In Ashford it is adding two new franchises in Lotus, also part of the Zhejiang Geely group, and MG, a subsidiary of SAIC.
Simon Caffyn, chief executive, said: “Covid-19 had a material impact on the business with turnover falling by 16%. However, the actions we took to improve efficiencies, coupled with investment in online selling and support from Government, allowed us to weather the periods of showroom lockdown and maximise sales when possible.
“I am delighted that everyone within the company adapted quickly and rose to the challenges we faced, enabling us to deliver a profit before tax of £1.9m, a significant improvement on the £0.25m recorded last year.”