Stock issues and economic challenges hamper Caffyns PBT in H1

Caffyns has documented a profit in advance of tax of £1.6m (2021: £2.3m) for six months to 30 September.

The drops was brought on by “ongoing disruption to new motor vehicle source and latest economic challenges”.

On offer it explained: “The majority of the manufacturers we signify remained muted due to the continuing results of the global scarcity in semiconductors and battery components restraining manufacturers’ production concentrations. We count on this lack to start off to dissipate throughout the 2023 calendar year.”

Income elevated to £118.9m, up from £110.7m in the previous time period.

This was mostly thanks to solid employed vehicle selling prices.

For the duration of the period of time, Caffyns prolonged its representation with Lotus, opening in Lewes on 1 June 2022.

Hunting forward, it claimed that buoyant demand for employed automobiles and an “elevated” ahead-purchase financial institution for new cars and trucks is encouraging for 2023 when it is hoped that new motor vehicle availability will improve.

Caffyns mentioned: “However, in the limited-phrase new autos are expected to stay in brief provide and the higher amount of economic uncertainty, like the selling price and availability of vitality over the winter months, is a worry. Given these uncertainties, the board remains careful for the second fifty percent of the monetary yr.”