Car retailer Caffyns has increased profits by 131% year-on-year in the first six months of the financial year thanks to the UK’s buoyant new-car market.
Caffyns, which deals in Volkswagen brands ranging from Skoda to Audi as well as Jaguar, Land Rover and Volvo vehicles made a profit of £727,000 in the first half of 2013, compared to £314,000 in H1 2012.
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The profits came as the group saw an increase in revenue of 13% to £93.4m and an increase in like-for-like new car sales of 20.8%, more than twice the national average of 10.1% for the same period according to statistics from the Society of Motor Manufacturers and Traders.
Used car sales increased by 17.8% while aftersales, commonly a large earner for dealerships, increased by only 1.8%.
The significant increase in profitability helped the share price of Caffyns rise 11.3% in initial trading to 588p on the day of the announcement.
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